Deferral of payment on mortgage when property goes sale agreed?

BallynoeHunter

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Seeking advice, EBS mortgage on apartment at present. We are purchasing new home with New BOI mortgage. The apartment will be on the market in next few weeks. Is there any provision or situation to stop paying the EBS mortgage once a sale is agreed on the apartment to prevent me paying the two mortgages for the time it takes to compete the sale? Any advice welcome; want to know some facts before approaching EBS. Thanks
 
EBS don't advertise repayment holidays, but they might be open to interest only for a period.
Also, you can delay the first repayment on the BOI mortgage. Not sure how long they'll allow you push it out, but I've seen flexibility on it.
 
Did you not think of this when you bought your new home without having sold your old home?

Be very careful. You have chosen an expensive lender in Bank of Ireland and may well want to switch to a better rate after you get your cash back. If you mess up your credit record now, you will not be able to switch.

Why don't you use the 2% cash back to pay your EBS mortgage?

Brendan
 
Thanks Brendan & red. We will be able to cover the mortgage, I was just asking if anyone had heard of ways to not for the few months. I had been told AIB offered this service for when you go “sale agreed”.

We have the AIP from KBC and BOI and we’re thinking of fixing for the 5 years at 3.2% (1384 p/m) with BOI, I assume the €6,4K (2%) up front and the 1% after 5 would bring that interest rate down on paper and reassess options/lender after 5 years. New to this. Bought first apartment at 20, 10 years ago. Would you have any opinion if KBC was a better option? AIP Fromm ebs too but apartment has to be sold 1st and that won’t happen as we got a great deal on a house that was off market and process has begun.
 
I had been told AIB offered this service for when you go “sale agreed
AIB seems to be flexible around payment moratoriums in general, once you've a good repayment history. But it's always at their discretion, you've no contractual entitlement to it.
Really your best option is to sound out EBS. A lot of their info is on arrears cases, so they might not have an official policy on this.

If it was me, I'd be setting aside the 2% cashback from BOI to cover the EBS mortgage so your cashflow isn't impacted.
 
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