# Mortorium payment holiday PTSB



## phil (8 Jul 2016)

Hi I was wondering if someone could answer a query for me. I have a mortgage with PTSB. I have paid my full mortgage on time to date. We are also trying to get our tracker mortgage back. I was involved in car accident and broke my leg arm and wrist so unable to work or pay my motgage. PTSB said we could take a Mortorium payment break on our motgage and pay the missed months over the remaining 22 years of our mortgage.

Just want to know if there is anything I need to be aware of doing this and will I blacken our credit history.


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## Brendan Burgess (8 Jul 2016)

I don't think it will affect your credit rating as it's probably an entitlement under your contract to take something like two breaks of up to 3 months each.

If you did not have the entitlement, then it would appear as a restructuring. 

But as it happens, you can't pay your mortgage, so you have no other choice. 

Brendan


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## Nordkapp (8 Jul 2016)

How long a Moratorium? When I looked at the 3 month Moratorium it would apply at the end of my mortgage at a different % to what I was paying now, almost 3 times (circa 5.9%). I obviously declined the offer.
would suggest you check the % rate applying to it and make up your mind if it is worth it for the term you are seeking.


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## phil (8 Jul 2016)

We was told our mortgage is eligible to take the mortorium. But the small print say may affect our credit rating


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## phil (8 Jul 2016)

They said it would not increase the time scale our mortgage finish date will stay the same but it would increase our monthly payments by about 20 euro per month for the next 22 years. 3 months doctors said I could be out of work for 6 months based on my injuries.


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## Brendan Burgess (9 Jul 2016)

phil

What are your options? You don't have  the money to pay your mortgage, so take advantage of the 3 month moratorium to which you are entitled without giving any reason. 

You can see what happens as the three months are coming to an end. Maybe you go back to work earlier? Maybe a relative lends you the money until you get back to work? 

Your contract allows you to take two 3 months moratoriums but not at the same time. Towards the end of the 3 months, you might ask for another. If they give you one, it probably won't affect your record. 

But you don't really have any choice. Recovering your health is your priority now.  Be careful about your credit rating, but if it suffers, so what? It just stops you moving.  If you recover your cheap tracker, you may be reluctant to move anyway.


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## phil (10 Jul 2016)

Thanks Brendan


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