mortgage2015
Registered User
- Messages
- 37
i mite add the most we can pay now towards the mortgage is €600 a month ie. we are €350 short a month
I think you need realistic advice rather than broad sympathy
Woof and double woof!!! This is coming from IMHO and therefore must be based on some realistic expectation of approval. However, by agreeing to this the bank would effectively be losing money on the loan as their cost of funds over 6 years is likely to well exceed the .5% FR.
From your perspective it will give you some breathing space. However, as per my earlier post your living expenses will need to be reduced to insolvency levels to facilitate a repayment schedule at that level. But your alternative options are likely to be much worse as payment is likely to be less than equivalent rent for an alternative property. If the bank accept this deal you should definitely go for it. It would be a very generous deal!!
Is this only a short term solution to a long term problem?
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