My parents are currently paying interest only on their mortgage. The mortgage amount outstanding is circa €150,000 and their interest only repayment is €550pm. The full capital and interest repayment is nearly €1700pm and there’s about 8 years left on the term. They are due to go back on full repayments in 2 months time but they cannot afford this.
Their income has severely reduced since they took out the mortgage – nothing to do with the recession, my father had a heart attack a couple of years ago and can no longer work so is in receipt of the disability allowance and my mother is a dependent adult. (We are trying to find out if she might be able to claim the carers allowance for him). He is also in receipt of a small private pension of €400 per month so their total income is circa €1800 per month.
They have applied for the mortgage interest supplement but they are only entitled to €1 per week so that’s not much good. They tried selling the house but had no offers. With help from myself and my 2 siblings they should be able to make a payment of around €800 per month to the EBS.
Long term my mother will inherit her parent’s house so will be hoping to sell that and reduce her own mortgage. (My grandmother is 87, in a nursing home, and her house is rented out so we obviously don’t know when this will be)
While they are not currently in arrears obviously they will be soon so my question is, can EBS do anything legally (try to repossess the house etc) while they are making some sort of payment to them?
Their income has severely reduced since they took out the mortgage – nothing to do with the recession, my father had a heart attack a couple of years ago and can no longer work so is in receipt of the disability allowance and my mother is a dependent adult. (We are trying to find out if she might be able to claim the carers allowance for him). He is also in receipt of a small private pension of €400 per month so their total income is circa €1800 per month.
They have applied for the mortgage interest supplement but they are only entitled to €1 per week so that’s not much good. They tried selling the house but had no offers. With help from myself and my 2 siblings they should be able to make a payment of around €800 per month to the EBS.
Long term my mother will inherit her parent’s house so will be hoping to sell that and reduce her own mortgage. (My grandmother is 87, in a nursing home, and her house is rented out so we obviously don’t know when this will be)
While they are not currently in arrears obviously they will be soon so my question is, can EBS do anything legally (try to repossess the house etc) while they are making some sort of payment to them?