# Tracker Mortgage Moratorium



## no plan b (12 Oct 2011)

Hi All,

this is my first posting and would appreciate any advice or a link to a previous post which may answer my query.

Shafted from my job yesterday after 14 years without even a statutory redundancy. Going down the long road of a unfair dismissal with a company who'll probably be insolvent when we get there. Need some quick fixes to re-group and wondering if anyone has any knowledge in relation to the procedure of getting a moritorium on a aib tracker mortgage taken out in '07.

Any help would be greatly appreciated.


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## ClubMan (12 Oct 2011)

What do you mean "shafted ... without even a statutory redundancy"? If you were made redundant then statutory redundancy may still be an option - see "employer's insolvency" here:

http://www.citizensinformation.ie/e...edundancy/redundancy/redundancy_payments.html

and maybe also here:

[broken link removed]

If you were dismissed for some other reason then this may not be relevant.

Regarding the mortgage if you are or are likely to be in difficult servicing the loan then contact your lender _ASAP_. See this site for some useful info:

http://www.keepingyourhome.ie/

Hope this helps. Good luck!


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## wbbs (12 Oct 2011)

Contact your lender, it is unlikely you will be offered a moratorium initially, far more likely to be interest only as the lender will then expect you to apply for mortgage interest supplement so that they are getting some payment.


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## no plan b (15 Nov 2011)

Just a quick update in relation to my original posting.

I rang the AIB mortgage centre and told them I was enquiring about paying interest only on my mortgage for 12 months and what was the procedure in this regard. They told me to drop into any branch of AIB and request a STANDARD FINANCIAL STATEMENT FORM. 

I did this the following day, this form is quite straightforward to fill out , basically looks for a breakdown of all your household monthly outgoings and income ( it did not require any back-up paperwork to accompany the application). The lady I spoke to in the bank said they were looking very favorably on these applications at the moment and that the process was straightforward enough and she couldn't foresee any problems.

True to her word, having returned the completed form to the local branch I received confirmation by post in about two weeks from AIB that the application was accepted and that I was now on interest only for 12 months.

It's a welcome bit of breathing space and as I said was very straightforward and hassle free in my case. Hope this is helpful.


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## ClubMan (15 Nov 2011)

Yes - this is the standard _MARP/SFS _process outlined in the last link that I posted above and discussed extensively elsewhere on this site. That's good that you got 12 months interest only which gives you some breathing space. Hopefully they explained and you understood the implications of this interest only period for your things like (some or all of) mortgage term, future repayments, mortgage protection life insurance, credit history etc.?


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## Knuttell (15 Nov 2011)

no plan b said:


> True to her word, having returned the completed form to the local branch I received confirmation by post in about two weeks from AIB that the application was accepted and that I was now on interest only for 12 months.



I hope you have written confirmation that you will revert back to the tracker mortgage at the end of this 12 months.


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## no plan b (15 Nov 2011)

Letter of approval from AIB stated this arrangement would not impact on my credit rating and that repayments will increase (not significantly if your loan period is still lengthy) after 12 months as the sum owed will not have reduced during the 'interest only period' and will have to be paid back over the  original length of the  loan term.

You never come out of your tracker mortgage as with interest only you are still paying your interest at your tracker rate for the 12 months.

Thanks to all who posted, your comments and advice were very helpful.


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