Hi, I am in arrears on my mortgage (the mortgage is unsustainable - I owe just under 310,000k) and I have finished few temporary arrangement with the boi. The current interest rate is 4.45%. The bank have done my financial assessment an made decision saying my mortgage is an unsustainable and they can not offer me an ARA. From this it appears that the only options I have considered under MARP are either to voluntarily surrender or sell the property or to trade down or Mortgage to rent scheme.
We took a mortgage in 2006 and was paying monthly e1300-e1550 as we were on variable rates. in 2008 we made decision to signed up for 5 years fixed rate as our mortgage rate increase around e250 during 2 years time. So we went for 5 years fixed rate
that was b4 recession started. Few months later we found what a big mistake we made. We ended up with mortgage for 5 years with amount e1650. We just thought how not lucky we are, but because we both were employed we havent see a problem to pay that amount.
Unfortunatelly we got redundancy end of next year as our company had to make some cuts. And this is when our problems started. So basically our account is in arreas since nov 2009. My husband found a job I was getting BTWS for 2 years but we were unable to make a full payments. So our account was getting into arreas.
The amount we would b afford to pay is e800. Probably is not enought to cover interest and mortgage and arreas which are e12000.
As 5 years of fixed term just finished this month, i got a letter from d branch i took mortgage with offer e1100 for 3 years this one was d lowest of all. Probably wasnt including the arreas dont know not says. But we were under financial assessment so we could not choose any.
Just dont want to loose my house and i dont believe that any of 4 options has been given is a solution. We still own d money. If bank think we are not in position to pay off our mortgage how come we will pay shortfall and rent??
It is very difficult for me as Im not a banker dont know all those financial names, rules and how they calculate my interest, mortgage relief etc.
Everytime when spoke with boi had a cleaver sometimes rude person on d line. They talk like to the someone who knows all of that.
would b appreciate for any comments and advices.
Does anyone was appealing the decision regarding a mortgage??
Thank you
Personal and income details
Employed €25,000 (private sector)
Net income partner/spouse JA: wife €9,500 unemployed
Income history: both of us lost a jobs in 2009 since that time we were on social payments, BTWSC and have a job
number of children 1
Amount of Mortgage Interest Supplement received: None
Home loan
Lender: BOI
Amount outstanding: €315000 ish
Value of home: at best €185,000
Interest rate: were on fixed dont know now
Monthly repayment 1,750 approx
Amount in arrears 12,000
Summary of discussions and agreements with the banke.g. in Marp since 2011 . Have been on reduced payment since 2009.
Other loans and creditors - delete those which don't apply to you
Overdraft - 1600
Credit Card - 3,500
Family none
Other savings and investments : none
How important is retaining the family home to you?
Really important.
Which of the following best describes your situation?
I would like to keep it. I am 33 years old now also and have 28 years remaining on the mortgage.
We took a mortgage in 2006 and was paying monthly e1300-e1550 as we were on variable rates. in 2008 we made decision to signed up for 5 years fixed rate as our mortgage rate increase around e250 during 2 years time. So we went for 5 years fixed rate
that was b4 recession started. Few months later we found what a big mistake we made. We ended up with mortgage for 5 years with amount e1650. We just thought how not lucky we are, but because we both were employed we havent see a problem to pay that amount.Unfortunatelly we got redundancy end of next year as our company had to make some cuts. And this is when our problems started. So basically our account is in arreas since nov 2009. My husband found a job I was getting BTWS for 2 years but we were unable to make a full payments. So our account was getting into arreas.
The amount we would b afford to pay is e800. Probably is not enought to cover interest and mortgage and arreas which are e12000.
As 5 years of fixed term just finished this month, i got a letter from d branch i took mortgage with offer e1100 for 3 years this one was d lowest of all. Probably wasnt including the arreas dont know not says. But we were under financial assessment so we could not choose any.
Just dont want to loose my house and i dont believe that any of 4 options has been given is a solution. We still own d money. If bank think we are not in position to pay off our mortgage how come we will pay shortfall and rent??
It is very difficult for me as Im not a banker dont know all those financial names, rules and how they calculate my interest, mortgage relief etc.
Everytime when spoke with boi had a cleaver sometimes rude person on d line. They talk like to the someone who knows all of that.
would b appreciate for any comments and advices.
Does anyone was appealing the decision regarding a mortgage??
Thank you
Personal and income details
Employed €25,000 (private sector)
Net income partner/spouse JA: wife €9,500 unemployed
Income history: both of us lost a jobs in 2009 since that time we were on social payments, BTWSC and have a job
number of children 1
Amount of Mortgage Interest Supplement received: None
Home loan
Lender: BOI
Amount outstanding: €315000 ish
Value of home: at best €185,000
Interest rate: were on fixed dont know now
Monthly repayment 1,750 approx
Amount in arrears 12,000
Summary of discussions and agreements with the banke.g. in Marp since 2011 . Have been on reduced payment since 2009.
Other loans and creditors - delete those which don't apply to you
Overdraft - 1600
Credit Card - 3,500
Family none
Other savings and investments : none
How important is retaining the family home to you?
Really important.
Which of the following best describes your situation?
I would like to keep it. I am 33 years old now also and have 28 years remaining on the mortgage.
