Declaring Credit Union savings on SFS?

[Bolouswki]

hi

I'm filling in an SFS to try and go interest only/below interest only for a few months until I get a job. I have been unemployed for 11 months and have not missed/been late for any payments.

My mortgage is €1250, interest only would be €825 (4.75%!!) but I really only want to pay €500 a month max until I can get a job.

My declared income is Unemployment assistance (€188) a week. I have savings of approx. €17k, which due to medical conditions that occasionally require a large outlay, I don't want to touch. I have assistance from family right now paying my mortgage and bills for me, which is essentially a personal loan to me, but I know that the €2000 a month they are providing is causing them problems, and likely they want to reduce this to €1000 a month or less. That's why I need to reduce my mortgage repayment.

I want to declare my savings on the SFS to the mortgage provider, but will they stick me for it? I don't want to be forced into risking my health fund just by being honest.

Thanks for any advice.

 

[44brendan]

A revised repayment schedule will be based on your income. However Banks will take savings into account, particularly at the level you mention. You can certainly make the case that the funds are due to potential high medical expenses but should provide some back-up information to verify this contention. Paying less than IO means that the mortgage is not sustainable and this is not going to be a long term feasible option.

 

[Bolouswki]

thanks for your response - appreciate the info. Didn't consider the sustainable/non-sustainable argument.