Don't want to lose savings to mortgage!

Guys cool it. Slagging each other off will result in the thread being locked.

I accept that asking is not a crime-but it was naive to so on a public forum. Your wife is free to ask the bank for reduced payments. Why not do so-it may result in a good outcome.

Whether you worked hard, sacrificed hols, sky, paid lots of tax etc is no valid reason not to pay a loan in full. The only reason that's valid is if you don't have it to pay back. But that comes with lots of stress.

I believe you now have a clear idea of your options. Hope it goes well for you.
 
Ok my final advice. Your wifes debts are now yours, particularly when you are living in her property.

Keep saving. Sell your house when you need to move. Put your savings into an negative equity. Rent a house in Limerick for probably a pittance in a few years time. Keep saving.
You're off my radar for now but I will keep you in mind for future scams.
 
What a relief! I was thinking of leaving country for a bit to avoid you but no doubt you have all airports an ferry ports tipped off!
 
TommyB said:
I've thought about the private investigations. I do a lot of anon work with revenue and landlords, working on daft and various forums. You can tell an awful lot about a person by their username and post history and some advanced google searches. How old are you I wonder....
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I don't like the sound of this at all, is that a threat of some kind ? You're a newcomer on here but you should get a bit used to the site before attacking people.

Tinnay asked a question, that's all, that is not a crime. One is allowed to ask on here and indeed to one's solicitor or accountant what one needs to do in relation to one's finances, and in that situation you can ask, may I do this, and the solicitor or accountant will say no it's illegal and we don't advice it, but a person is entitled to ask all the questions.
 
orka said:
The OP is not necessarily looking to defraud the bank. .
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Thanks for this post Orka, as I misundstood what Tinney was trying to do but you understood him and I've now gone back to the OP to check.

I noticed Tinney asked another question, as the mortgage is in his wife's name, he is not liable for the mortgage.
 
Thanks bronte. All I was doing was seeking advice. I've stated that I'm not very good when it comes to financial affairs that's why I asked the question. I do not appreciate being called a criminal or being accused of stealing when I've done nothing wrong!
 
Bronte said:
Thanks for this post Orka, as I misundstood what Tinney was trying to do but you understood him and I've now gone back to the OP to check.

I noticed Tinney asked another question, as the mortgage is in his wife's name, he is not liable for the mortgage.
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It's clear he is trying to distance himself from the mortgage and use his wife's circumstances to get a writedown. In any case a renegotiation of the terms shoukd not occur if he is hiding savings from the bank.
 
Must be finished the breakfast roll tommy!! Any plans for the day ahead! Maybe you will solve the shergar mystery! You really are a genius!!
 
TommyB said:
It's clear he is trying to distance himself from the mortgage and use his wife's circumstances to get a writedown.

In any case a renegotiation of the terms shoukd not occur if he is hiding savings from the bank.
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You are making two different statements there.

Do you think that people who cannot afford it should ever get writedowns?

The OP is hiding the money so that he can come to an arrangment on the mortgage repayments. He's not looking for a writedown. The bank are more likely to allow him go interest only for a period if they don't know he has the savings. Legally the OP does not owe the bank in this particular case any money. And he does not even have to bring his savings to the table at all. All he's trying to do is do the best he can for his wife's mortgage/our bank and his family.

You will find that in general in Ireland people have bent over backwards to put every penny they have to repaying their mortgage, down to paying mortgages with credit cards and even borrowing from family to do so and end up in a far worse situation than they need to because a bank will take every penny and penalise you and not deal with you properly by completely ignoring your overall financial situation.

If you leave people with no savings they then end up not being able to go to the doctor or running out of food before the week is up, they end up risking their gas or electricty being cut off and then paying for reconnection and paying a higher rate for the utility. That is where we as a society are at currently.

(I notice you didn't come back on my post about whether you were making 'threats' of some kind. )
 
He's looking for debt writedowns not interest only. He could clarify this here but I wouldn't believe him at this stage.

He's looking to take it easy so you can forget the rainy day crap.
 
I'm not hiding any money. It's in the bank for AIB to see if they want. All we want is an agreement for few months while my wife is not working without having to interfere with our savings.
 
Tinney78 said:
Must be finished the breakfast roll tommy!! Any plans for the day ahead! Maybe you will solve the shergar mystery! You really are a genius!!
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Tinney you're not doing yourself any favours by responding in this way.
 
Ok fair enough I accept that. Maybe tommy should refrain from giving me advice or making accusations and assumptions on what I'm trying to do. I'm not looking for a debt write down. I want maybe a 7-8 month arrangement of reduced payments an then back to normal without our savings being affected
 
Hi,
Some years ago I also had savings and an outstanding mortgage.

I considered 3 things:

Firstly, my savings were being eroded by the rate of inflation.

Secondly, the interest rate I earned on my savings was considerably lower than the interest rate I was paying on my mortgage.

Thirdly, the interest earned on my savings was considerably reduced by Deposit Interest Retention Tax (DIRT).

I concluded that by not using my savings to pay down the outstanding mortgage capital, I was seriously losing money.

I used my savings to pay off the outstanding capital.
I then saved what was the monthly mortgage payment to rebuild my funds.
I also saved by no longer having to pay mortgage protection insurance.

I hope this helps your wife in arriving at a decision.
 
What do you plan to do with your current house and do you plan to buy or rent when you move?

If you plan to sell your current house you will still need to deal with the negative equity. If you plan to buy again I can't imagine that going interest only will work in your favour especially if you suddenly produce money for a deposit on a new property.

Are banks really prepared to allow people to take breaks or reduce their payments despite being able to pay?
 
If and when we move we will deal with negative equity. We are not shying away from our responsibilitys. My wife has very stable job with a generous salary. We have worked so hard for last 12 months an all we want is to be able to relax a little bit. I work away a lot an most weekends an I'm hoping this can be changed if we get a restructure for few months. That is all. We are not looking for a debt write off or anything like that. All we want is to be able to enjoy the next few months but yet retain our savings if possible
 
I'm not suggesting you won't however if you do plan on getting a mortgage again I would be very reluctant to express an inability to pay full payments and find yourself in a position where the deposit could be called into question also ( ie did you reduce the repayments in order to generate this rather than you were financially able to save it)
 
Tbh they have generated the savings whilst making full payments and would only be looking for I/O for the 1st few months after the baby arrives, and as most know its a very costly affair and the money not being spent on capital could help cover the costs of the new arrival.
 
Not really looking for interest only. Ideally if we could pay 1300 euro towards capital and interest it would be perfect! Can I ask if we were to say to bank that we want to pay 30k off our mortgage as a lump sum would it look favourable on us to strike a deal that suits both bank an us. Would this be recommended?
 
A lot of mortgages (well, mine, anyway, and I've seen it mentioned on a number of threads) had a clause where you could opt to take a payment break for a number of months without needing a reason.

Check your mortgage documents - if you had this option it should not affect your credit history (which could be a concern in the future) and you would not have to state whether you could meet the repayments.

If you could take a break for say 3 months it would work out the same as paying two thirds payments for 9 months.

Just saw your comment re paying off lump sum - how would this leave you any better off than just using the savings to pay the mortgage for a few months?
 
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