# interest only repayments



## gaetan (22 Aug 2018)

Hello.

Not sure if this is the right forum to pop the question.

We are on a tracker with PTSB and I was wondering if we could avail of the interest only repayment. We are not defaulting in our repayments so I don't know if this is viable.

Is it worth switching to an interest only repayment with the low rate or it doesn't make any changes over the long term ?

thanks for your advices.
Regards
Gaetan


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## Brendan Burgess (22 Aug 2018)

gaetan said:


> Not sure if this is the right forum to pop the question.



What does your intended fiancée think? 

Even in this world of texting, Facebook and Whatsapp, it's probably better to do it face to face. 

Brendan


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## rob oyle (22 Aug 2018)

Brendan Burgess said:


> What does your intended fiancée think?
> 
> Brendan


[broken link removed]


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## Brendan Burgess (23 Aug 2018)

gaetan said:


> We are on a tracker with PTSB and I was wondering if we could avail of the interest only repayment. We are not defaulting in our repayments so I don't know if this is viable.
> 
> Is it worth switching to an interest only repayment with the low rate or it doesn't make any changes over the long term ?



You can't just switch to interest only because you feel like it. 

If you are unable to make your full payments, then you can apply for a rescheduling. But if ptsb thinks you can meet them in full, they won't offer you a reschedule. 

If you do get a reschedule, then your credit record will be marked and you will find it difficult to move house or get a loan elsewhere. So don't do it lightly. 

One thing for you to check out is that some ptsb mortgage contracts allowed borrowers to take a three month payment holiday once or twice during the term of the mortgage.  If you are under a bit of pressure, then you might avail of this.  I don't think that this affects your credit record.

Brendan


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## Ravima (23 Aug 2018)

What tracker rate are you on?


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## gaetan (24 Aug 2018)

Thank you for this advice.

My wife was curious too. We are in no difficulties and have met all our repayments in full. Our tracker is 1.1%

cheers
Gaetan


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