Don't want to lose savings to mortgage!

Are the savings from regular savings amounts each month or are they as a result of a lump sum payment your wife received? Apologies if I picked you up wrong but I got the impression from your post they weren't as a result of an income surplus each month.

If you can take a payment break that would make more sense alright as it wouldn't be a reduced payment request.

Tinney78 said:

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?

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I would not recommend that. Anyway, is the whole point of the thread that you want to keep your savings? If so, doing that would wipe them out in one go.

Given that you are just looking farms small reduction, which is over 6 months is 2,400, from your savings, (or 9600 between now and the time you plan on selling it) you may be better off paying the full amount. Out of curiosity, is the interest rate on the loan? Is it fixed/variable? A tracker? What is the balance outstanding? What does your wife get on savings?

Hi,

Some lenders do allow “payment holidays” or a period where you can pay a reduced mortgage payment. However, I do not think that AIB allows this. In any event, in the long run this would not save you any money.

However, I think your suggestion to use part of your savings to pay down part of the capital is the better and more cost effective option.

This sum can be used to reduce either the term of your mortgage or your monthly repayment.

Effectively, what this means is that you would save the interest, which would have been payable on that €30,000 over the remaining term of the mortgage.

This is more valuable to you than the interest you would have earned on that amount less DIRT.

When you get on your feet after the baby, you can save the difference between your original mortgage repayment and the reduced payment.

Before committing to anything you should, of course, talk to your bank.

We are due to come off fixed rate of 3.8 i think in june an we haven decided to fix again or go variable? We are currently paying 1460 but I think it's gonna go up to about 1700 according to my wife. The 45k consists of 15k my savings in cu. wife received a lump sum payment from sales of her share of a business. With this we cleared every other debt we had, which was a great relief. I know we are in a fairly good position but it was very hard earned. We have no other loans of any kind and our outgoings are fairly standard just gas electric an dreaded propert tax

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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The mortgage is not in his name so he has no liability to it end of. As for hiding things the banks are pretty good at reporting figures that are suspect to say the least as we have all found out to our cost

Tinney78 said:

I never said things were so bad! I asked for advice that was all. Asking should I hide money is asking advice! I don't have a financial brain hence I'm here seeking advice

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Chill out folks !!! I accept Tinney is in a short note looking only for advice. I don,t read fraud here , I read worry and a natural mis-trust of a Bank.He also wants to protect his loved ones.
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He asked.
1. Can she restructure; she can ask and Bank should take her circumstances including k30 into account.
2. Can aib take joint savings, methinks in a hassle case they can. Since Tinney wants to protect it , I would suggest move k15 of it, stills leaves k15.
3. Unfortunate choice of (HIDE). I read that to mean you believe Bank will grab all, you both want some choice hence move k15.
4. Mortgage is her SOLE responsibility , you have NO responsibility for it.

Just try to be fair to everyone please.