# Mortgage Interest Supplement eligibility



## ali (19 Nov 2009)

Hi all,

I read recently in the Indo that in order to be entitled to the above payment, you must have renegotiated your mortgage repayments with your building society or bank. I can't find any mention of this requirement on the welfare.ie site or on citizens information.

Is this correct?


----------



## enoxy (19 Nov 2009)

Like most things writtten in the indo it's totally inaccurate. I got MIS without it.


----------



## ali (19 Nov 2009)

Thanks for the reply. My sister is in receipt also without having renegotiated and is making the difference between her MIS and full payment up with the help of family and general scrimping. However her MIS is up for review and she worried after the article that they would hold it against her that she was making the full payment each month. She is terrified to make an arrangement with her bank as she feels it would wreck her credit rating and like the rest of us, hopes normality will return to the country in the not too distant future. Her husband was self employed and she doesn't want to adversely affect his ability secure a loan when business revives.

Personally, I think she will be one of many so it's unlikely that she will be singled out.


----------



## enoxy (19 Nov 2009)

I've gone interest only for a year to coincide with receipt of MIS so payments are not really much of a burden. I don't think this will adversely affect my credit rating but not sure of this for definite.

 The basic issue for me is I couldn't really afford the principal payments out of JA after everything else is paid for each month.


----------



## gipimann (19 Nov 2009)

Persons applying for MIS can be asked to renegotiate if it is felt that it may help their situation (e.g. by extending the term, monthly repayments would be reduced), but it's not an absolute requirement for receipt of the supplement.   

It's always advisable to keep in touch with your lender if you think that you may run into difficulties with repayments (whether a borrower is in receipt of MIS or not).


----------



## ali (19 Nov 2009)

Thanks for that. I wondered if the fact that she is paying the balance (i.e. mainly the capital) that this could affect her payment. 
My sister, my mother and I, along with my brothers have lent her money towards the mortgage and to help her manage so its not as if she has disposable income. We will continue to help as long as we can. She has often done the same for me in the past (the joys of self employment ) but I imagine if it goes on too much past Christmas she may have to talk to her bank. 
The fact that so many people have found themselves in the same boat surely means the banks cannot view them as credit risks in the future when things improve. Its pretty unprecedented really.


----------

