# Putting mortgage/car loan on hold



## noel123ie (9 Jul 2008)

Hi there

Im thinking of putting car loan (12k over 4 years AIB)- this was taken in the form of a loan and mortgage (180,000 over 30 years Ulster) on hold for a period for me to pay off some debts 2k on cc and 2000 on loan

Do I tell the bank the reason for this - ie to pay off debt or what is best to say. I am also considering going back to college full time for 1 year. The course is only 20 hours so i would continue to work part time.I alos have another income9land rental) which should allow me to have enough for year in college

Also what questions will they ask me - for those who have done this before

Thanks a mill
Noel


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## Thrifty1 (9 Jul 2008)

Hi myself and husband have a mortgage with Ulster bank and we are just finishing a 6 month payment break.
It was very easy to arrange we just made an appointment with a lady in the branch and i told her i was going on maternity leave for 6 months and would like a payment break as would have a reduced income.

We signed a letter she wrote to head office with this info and received a letter a week later saying it was approved.

I was speaking with a girl who works for UB a few days ago and she said they are the easiest bank to get a moratorium with.

Not sure about your situation but ours was very easy to arrange.


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## noel123ie (9 Jul 2008)

Cheers for taking the time to reply

Do you know what  kind  of terms are available to take this mortgage break and can it only be taken out  once  in lifetime of mortgage

Noel


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## ClubMan (9 Jul 2008)

Check the terms & conditions of your loan or ask your lender. It varies. Some lenders may not even offer the facility at all.

Maybe if you posted more detailed information about your overall financial/debt situation people could comment more specifically?


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## Thrifty1 (9 Jul 2008)

As far as i can remember it is only available once and it increased the term of the mortgage by 6 months.


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## ClubMan (9 Jul 2008)

It will obviously also increase the total cost of the mortgage since outstanding interest will be capitalised during the repayment break. It may also require additional mortgage protection life assurance to cover change in mortgage term/schedule/amortisation.


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## noel123ie (9 Jul 2008)

Hi there

Thanks for reply guys.

I lived beyond my means for a no of months(plus lost money in busioness) and have debt of 4k and owe a family member 5k

I would hope to clear all debts in the 6 months if I can get one/both of loans put on hold

Thrifty1 post gives me some hope thanks

My repayments are around 800/month on the mortgage and 310 on car so thats 1110 approx in total so If I could put these on hold for 6 months should clear alot of debt

Unfortunately my mother is dying we do not see her making it to Xmas(according to surgeon) unfortunately

Then I will be left a 1/3 share in a house worth circa 1 million but this may take a while to liquidate due to market conditions etc

So i would hope to clear my mortgage with this monies at that stage
Any help would be great
Noel


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## eileen alana (9 Jul 2008)

noel123ie said:


> Unfortunately my mother is dying we do not see her making it to Xmas(according to surgeon) unfortunately
> 
> Then I will be left a 1/3 share in a house worth circa 1 million but this may take a while to liquidate due to market conditions etc
> 
> ...


 

Your mother is dying and all you can think of is of is your inheritance, my heart bleeds for you.


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## danFTB (9 Jul 2008)

unbelievable - i hope she comes on and reads this


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## Jethro Tull (9 Jul 2008)

noel123ie said:


> Hi there
> 
> Thanks for reply guys.
> 
> ...


 
First things first I can't believe your attitude here. This is nothing short of disgusting

2nd the house is only worthy what someone will pay. When was the house valued at 1m? In a years time it may be worth far less again

3rd is there an inheritance tax issue when inheriting from parents? (no tax expert so could someone shed some light on this)


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## noel123ie (9 Jul 2008)

*Youve got me wrong*

Hi

Guys you have got me so wrong I love my mom but the finance thing is playing on my mind big time not sleeping etc

I reread my post and this comes out all wrong

I would do anything for my mother if I could believe me

I just wanted some advice on how to get myself out of this issue

Apologies for mispost I am a genuine person looking for advice
Noel


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