B
BlueFrog
Guest
Myself & my Dad purchased a property in 2006 for €420k. The loan was structured as follows:
The short mortgage terms were structured, I think, on account of my Dad's age (around 60 at the time).
My concern is that we will be liable for the first €135k repayment very shortly and I want to see what options are at my disposal.
I havethree questions:
- The family home was re-mortgaged at €135k (9yr term)
- A mortgage for the new property was set up for the balance, ie €285k (15yr term)
The short mortgage terms were structured, I think, on account of my Dad's age (around 60 at the time).
My concern is that we will be liable for the first €135k repayment very shortly and I want to see what options are at my disposal.
I havethree questions:
- Can I extend the loan terms out and still maintain my tracker rates or will this constitute a breach in contract where BoS will force me to renege my tracker mortgage and go on a variable/fixed rate term?
- Is there scope to argue that the bank was negligent in lending the money on such a short mortgage term in the first place?
- Given that BoS want to pull out of the Irish mortgage market, should I try and haggle a repayment deal with them?