# Tanager looking to sell my home



## Jpatrick (12 Mar 2017)

Tanager has recently advised me they will offer me a discount of my mortgage if I can switch to another lender. If I'm unable to switch due to poor credit history they will to force me to sell my home. I have made full payments over the last 3 years. 18k is in arrears and I have recently started to make extra payement.


----------



## Brendan Burgess (12 Mar 2017)

Hi J

You will need to provide the following information to get any meaningful suggestions: 

* Information required for mortgage arrears and negative equity questions*

Don't worry too much about them forcing you to sell your home.  If you have made full payments over three years, it's very unlikely that any Judge would grant them an order for possession. 

Brendan


----------



## anynameyouwish (12 Mar 2017)

Jpatrick said:


> Tanager has recently advised me they will offer me a discount of my mortgage if I can switch to another lender.



Out of interest, did they indicate what level the discount was likely to be?

I'd agree with them being unlikely to force you to do anything: they'd be laughed out of court if they tried to get repossession when you're making full payments and a contribution to arrears.


----------



## Jpatrick (12 Mar 2017)

Hi Brendan, 
They offered a 50k discount from mortgage of 250k (including arrears) which will take  me out of negative equity. I was told over the last 18 months they intended to restructure mortgage but advised me by phone call in Jan they were no longer restructuring.  They refuse to put the offer in writing but they sent me a letter last week advising me to sell my home.


----------



## Brendan Burgess (12 Mar 2017)

You will need to provide the following information to get any meaningful suggestions: 

* Information required for mortgage arrears and negative equity questions*


----------



## Jpatrick (12 Mar 2017)

*details
Net monthly *(i.e. after tax) Income self: nature of income e.g. self-employed/public servant etc
Income history: e.g. "I was made redundant in June 2011 and have not had any work since..."
*Net monthly €2500*


*Personal circumstances so we can calculate your reasonable living expenses *


Montly spend on : public transport  €300. Mortgage protection €125. Electricity /  Gas €60.  House insurance €20. TV / Broadband €80. TV Licence €13. Refuge €25.  Housing tax €20. 



*Home loan*
Lender: Tanager
Amount outstanding: €250000
Value of home: €230,000
Interest rate: specify whether tracker or SVR 
Monthly *
*

*

How important is retaining the family home to you? *
Which of the following best describes your situation?


I really want to keep the family home even if it means having a large mortgage and negative equity for years to come.


*Any other relevant information

What is your preferred realistic outcome? *
For example: "I'm in a position to repay the arrears of €100 per month.


----------



## Protocol (12 Mar 2017)

Off topic, but my MPP is 100 per annum, yours is 125 pm, or 1500 pa.

My original loan was 155k, yours was more, yet your premium is 15x my premium.


----------



## Jpatrick (12 Mar 2017)

This is what I'm paying every month. It only covers for mortgage to be payed if I die.


----------



## Brendan Burgess (12 Mar 2017)

Mortgage Protection covers you in the event that you die while the policy is in force. 

You don't mention any children, so you will get no benefit from it. Stop paying it, and pay the money against your mortgage arrears instead. 

What is your mortgage rate? 
What is your monthly mortgage repayment? 

You will not be able to get a mortgage of that amount anywhere else on your income, so forget about Tanager's offer. 

But you do need to focus on keeping up the full monthly repayments, stay engaged with Tangager, make a note of every discussion with them, so that if they do bring you to court,  the judge will laugh them out of it.

Brendan


----------



## Jpatrick (13 Mar 2017)

Mortgage rate is around 4.1%. Montly payments €1140.


----------



## jjm (13 Mar 2017)

Brendan are you correct in telling Jpartrick to stop paying mortgage protection cover.I suspect it is in the loan agreement when Jpatrick took out mortgage would be breaking the terms set out in that agreement it also may cover the mortgage provider if  anything happened to the OP and there were other debts to be paid off
Protocol is correct he should be able to get better terms .did it cover redundancy


----------



## Monbretia (13 Mar 2017)

The mortgage protection does sound expensive but we don't know the age/smoker/health of the OP.  (Protocol - yours sounds awful cheap, is that to cover your life or some sort of Mortgage Payment Protection?)

Worth looking at for the OP but there may be some reason we don't about as to why it's that high.

While if you have no dependants cancelling it is not a big deal it probably is a condition of the loan, however I don't think banks take any notice of that anymore, has anyone known a bank to take action over a lapsed life cover?   I dealt with lots of arrears cases and many of them had let their life and house insurance lapse due to lack of funds and they would have had dependants so more important.  It was never any part of the main issue like the arrears were.


----------



## Brendan Burgess (13 Mar 2017)

Monbretia said:


> While if you have no dependants cancelling it is not a big deal it probably is a condition of the loan, however I don't think banks take any notice of that anymore, has anyone known a bank to take action over a lapsed life cover?



That is my thinking exactly. 

One senior arrears guy told me that he would like if they were allowed to recommend this to their customers in arrears, but the Central Bank would not understand the argument. 

Brendan


----------



## jjm (13 Mar 2017)

Yes I do know .Some of ye can be very cold in the advice you give .I do know a mother who is in this position after her son died not a very nice position to be in .Jpatrick may be able to get loan/ help from family members to pay off arrears provided OP has life cover to pay back loan if he died .One other thing fpatrick should check if he has life cover for the arrears .Years ago I changed my own insurance on Mortgage saving lots of money new Insurance tracked balance of mortgage balance + an extra 20000 Euro


----------



## Monbretia (13 Mar 2017)

Sorry if we appear cold, we were trying to offer suggestions!  We did say 'if he has no dependants' in which case if he died the bank can sell the house and take what they get.   Obviously it's a totally different situation if someone like their mother is living in the house as well and needs somewhere to live should the OP die.

Most people don't let insurance lapse intentionally, they do it because they have no money to pay it.


----------



## jjm (13 Mar 2017)

When I read it back now I can see I stated it incorrectly  Sorry. It was the Senior arrears Guy I was posting about. Maybe I picked up wrong but the OP has 30000 euros after tax + the chance of getting a Job I thing he should have enough money to keep life insurance going If he is paying over the top for a reason all the more reason to keep it going . When money was tight and I had no funds to cover Funeral expenses  my only option was life insurance.


----------



## demoivre (13 Mar 2017)

Jpatrick said:


> Tanager has recently advised me they will offer me a discount of my mortgage if I can switch to another lender. If I'm unable to switch due to poor credit history they will to force me to sell my home. I have made full payments over the last 3 years. 18k is in arrears and I have recently started to make extra payement.



It's the courts that grant the repossession orders and I can't see that happening under the circumstances you've described.


----------



## Brendan Burgess (13 Mar 2017)

The fundamental point is that single people without dependants get no benefit from life cover. 

Therefore he should stop paying it and pay the money towards the mortgage arrears instead. 

The only exception to this would be if he has some illness which would mean that life cover would be far more expensive, if he wanted it again in the future and if he might acquire dependants. 

If he has dependants, he should shop around. 

But the main point is that he needs to deal with the real and present problem of arrears which could lead to the loss of his home, rather than with the very unlikely event that he might die before paying off the mortgage. 

Brendan


----------



## jjm (14 Mar 2017)

Point Taken But it comes with a Health Warning. If the get rid of Life cover now they May not be able to get it back if they run into bad health Single people Without dying Do get benefit from having  Life insurance on there Mortgage if they run unto bad health .They could leave there house to someone who is prepared to look after them in there own home. In most cases there reasons for buying rather than renting are no different than people with dependants. I know this is not the correct post to be making this point so i will leave it.


----------



## Brendan Burgess (14 Mar 2017)

jjm2016 said:


> Single people Without dying Do get benefit from having Life insurance on there Mortgage if they run unto bad health



jj

Some mortgage protection policies will pay out to people who have a fatal illness and are not expected to live long. But it's very rare. 

Brendan


----------



## jjm (14 Mar 2017)

I take your point about paying off arrears People who are in arrears need to cut and make all the savings they can and restore there credit rating as fast as they can.I still can not get my head around letting life insurance go. just me.If the doctor tells you have some illness which affects your chances of getting life insurance by then it is too late.Once you have Mortgage life insurance you always own your own house fully if anything were to happen and you were ill for some time you have a house to offer in return if someone helps take care of you


----------

