Case study EBS €40k arrears. Can't afford repayments?

ok guys

I am awaiting the paper work from IMHO and bank and im gona have a good long think about it and ask as many question as i can

For sure it adds stability for 6 years and that is my priority for my young family.

so it will be as follows

total debt owed 235 inclusive of 40k arrears
repayments
 
Hi Bronte, it's the MIS that was discontinued, FIS is still in place.

Mortgage2015, a lot can happen in 6 years, in your position I would grab this with both hands and look forward to not having to deal with mortgage banks for a long time. Start to worry about what to do when it ends in 5.5 years and enjoy your children without the stress.
 
Mrs Vimes said:
Mortgage2015, a lot can happen in 6 years
Click to expand...
Agree.

Mrs Vimes said:
Start to worry about what to do when it ends in 5.5 years and enjoy your children without the stress.
Click to expand...
Disagree. Start to plan the minute you get your hot little hands on the new agreement. For instance, is there potential to raise the family income when your youngest goes to school? In any case, first priority would be building an emergency fund.
 
Emergency fund and enjoying precious times with the children

It really is getting the balance

I am feeling happy about the situation for this first time in 5 years.
 
ok well the figures that i initially dished out at the start of this email are not entirely accurate

when they capitalise the arrears into the mortgage the total owing is 226K
based on 710 a month over the 25 years
next 6 years at .5%

We have decided to take this offer

on a separate note thanks guys and gals for your comments - it really is a good forum !!! so well done whoever set it up and maintains it!
 
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