Brendan,
We are currently on an interest-only rate of 4.8% with BOI for the next 6 months. We have been on interest only for the last 4 years due to financial difficulties. However, each time we enter a new agreement the rate is hiked up and we are now paying €1,212 per month interest only on a mortgage of €240,000 approx. We asked the lender for a reduction in the interest rate to no avail. It is getting harder and harder to cover the monthly repayments. Four years ago the interest only was around €800 per month. We are in arrears of €10,000 from missed payments in the past and our house is just coming out of negative equity but probably not quite there yet. We have 19 years to go on a 30 year mortgage. Any advice would be gratefully received.
Cappy
We are currently on an interest-only rate of 4.8% with BOI for the next 6 months. We have been on interest only for the last 4 years due to financial difficulties. However, each time we enter a new agreement the rate is hiked up and we are now paying €1,212 per month interest only on a mortgage of €240,000 approx. We asked the lender for a reduction in the interest rate to no avail. It is getting harder and harder to cover the monthly repayments. Four years ago the interest only was around €800 per month. We are in arrears of €10,000 from missed payments in the past and our house is just coming out of negative equity but probably not quite there yet. We have 19 years to go on a 30 year mortgage. Any advice would be gratefully received.
Cappy
