# what is a split mortgage???



## eva117 (7 Sep 2013)

Hi, 
Please can somebody explain a split mortgage to me?

My husband and I are currently in a situation that for the last 5mths we have been paying a reduced mortgage payment (rescheduled mortgage temp.6mths) due to unemployment.

Now our 6mths is nearly up and our financial situation has not improved and we would like to consider other options until we get back on our feet but we are not fully informed as to what we can ask for or are entitled to consider.

What is a split mortgage? 

What other either long or short term options are open to us? (so we can ring and write to our bank and discuss further)

thankyou.


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## Brendan Burgess (7 Sep 2013)

How to analyse an offer of a split mortgage

If you want advice, you should complete this: 

Standard Format for unsustainable mortgage Case Studies


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## eva117 (8 Sep 2013)

Thankyou Brendan, I have read that section on Split Mortgage...

Just a quick question Brendan, when I was talking to my bank and they over the phone did a means assessments, they took into account my child benefit as "income", I have just quickly looked at the guidelines under the Insolvency Service of Ireland and under the "reasonable expenses for living" income is employment, welfare etc. but does not include child benefit...

Should my bank have included my child benefit as income when means assessing me?


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## Brendan Burgess (8 Sep 2013)

The Insolvency Service  approach to child benefit, is of no relevance to your discussions with your bank. 

They don't treat it as income - they treat it as a reduction in expenditure, which has the same net effect. 

You don't have a right to a split mortgage. If you are offered a long-term deal which you don't agree with, you can use the bank's internal appeals mechanisms. 

Brendan


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