AIB temporary mortgage defferal?

[rustbucket]

Drew down on my fixed rate mortgage a couple of weeks ago and first repayment is due on 17th November.

Have been doing a bit of work to the house and we require about 6-8K more to finish the work. I reckon once the work is finished it will add about €20K to the exisiting value of the house.

We dont have the extra 6-8K. My question is, is it possible to get a defferal of payment on mortgage for the first 3 months? Our repayments are €2K pm. This would enable us to finish the work over the next couple of months, adding value to our home.

Does anyone know if AIB are likely to allow this type of thing or do you have to apply prior to drawing down mortgage?

 

[dewdrop]

Why not talk to AIB ? According to their website there are flexible repayment options like paying interest only for a period.

 

[juke]

I did it three years ago - at about the same time into mortgage as you are. The branch organised it. There was no problem then, but I know times have changed in banking.

Definatly ask for a 3 month moratorium - you've nothing to lose.

 

[rustbucket]

Rang them there an asked.

Said most mortgages were entitled to a total of 6 months moratorium over their lifetime. Can be taken at any time in any stages.

Just need to send in a letter explaining why and it will be reviewed

Thanks for the help