# Buy-to-let mortgage in arrears.



## john.p (12 Sep 2012)

My buy-to-let mortgage is in arrears.  The bank involved is to close in 7 years and they are refusing to extend my time.  I have €115,000 balance.  Rent €550 per month.  

I've told them I can repay over a 15 year period, but they refuse to extend my repayment time.  I'm now on interest only and they have told me it will affect my credit rating?    Is there anyone who can advise me?  I've tried MABS etc.  They also loaded the interest on?


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## Peter54 (12 Sep 2012)

Hi John,p, which bank is it?  If its a foreign one based here then they are simply refusing to stretch the mortgage term.  I'm currently in a similar battle.  I have spend three years trying to get them to lenghten the term but they refuse or make excuses.  Have you considered defaulting?


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## Brendan Burgess (13 Sep 2012)

Hi John

You might consider laying out the full picture in the Case Study Format.

Brendan


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## chimpster (18 Sep 2012)

PiedPiper said:


> .
> 
> Get your full file under data protection and read it, objectively.
> 
> Make sure the bank in question have actually got a mortgage and registered it, in my case they didn't so they just forged it.



Excuse my stupidity on this but how did you actually prove that they forged it?

I assume I can get my file directly off the bank using the freedom of info act?

I am a bit green in all of this. My wifes apartment (which she had bought before we met) is leaking a substantial amount of money. She was covering everything up until recently but she due to illness she can no longer cover things. 

I am having been taking up the slack since and having done the sums... we'll be losing 5K a year on this property every year and its still only on interest only. Its only now I am getting involved I always left her to sort out the apartment and the figures are not pretty in the cold light of day. 

The apartment was a principal residence when she bought it but she converted it to an investment property in 2009 when she moved into our new home which is in my name.


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## chimpster (18 Sep 2012)

Thanks PP. Worth looking into anyway.

Thankfully the apartment is easy to rent and I have a decent income from my current contracting work so I can handle the repayments for now anyway.


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