1. Are the banks obliged to accept an offer of 66% of the interest?...If they can pay at least, 66% of the interest on the mortgage, they can defer the balance for up to 5 years...
1. Are the banks obliged to accept an offer of 66% of the interest?
They can appeal it to a separate internal appeals process within the lender.2. What should a customer do if their mortgage provider says no to an offer of 66% of the interest?
If they are in the Deferred Interest Scheme, they won't charge interest.3. Is interest charged on the unpaid interest? E.g. if there is €2,000 on unpaid interest this year, will the bank charge interest on that €2,000 for each of the next four years that it has not been paid?
Is the answer to "Are the banks obliged to accept an offer of 66% of the interest?" still "Absolutely not", if one cannot afford to pay more?Absolutely not. The borrower is obliged to pay as much as they can afford. So if they can afford to pay the full repayment, they must do so.
One cannot simply offer 66%, if one can pay a lot more.
Thanks a lot for that Brendan. Would you happen to please have a link to where I can view more info on that?...If they can only afford 66%, then that is all they are obliged to pay.
If they can pay 66%, then they will qualify for the Deferred Interest Scheme...
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