Deferred Interest Scheme

A

annemarie

Registered User
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Can anyone tell me if the deferred interest scheme is available for mortgages on 2nd home. The mortgage in question is a tracker with AIB due to come off interest only next year.

Many thanks
AM
 
No . It applies to the home only.

But talk to the bank and see if they will agree anyway.

But if you can't afford the repayments, you should be considering whether you can afford to keep the second home. Maybe you should sell it and repay the loan.

However, as it's an AIB tracker, I suspect that deals will be offered for early repayment at some stage in the future.

Brendan
 
Thanks so much for your quick reply Brendan. I doubt we can sell the house as it's halved in value. What do mean re it being an AIB tracker? Do you think the bank would do a deal with us on balance if we sell the house at a big loss.

AM
 
annemarie said:
Do you think the bank would do a deal with us on balance if we sell the house at a big loss.

AM
Click to expand...

No, I don't think that AIB are smart enough or brave enough to do so.

But if the trackers are sold to the IBRC, then they might well do deals to encourage people to give up their trackers.

Brendan
 
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