Enhanced Split Mortgage (EBS)

S

sprinkler

Registered User
Messages
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Hi there,

We received a split mortgage a year and a half ago. E350,000 split to E280,000 and E70,000 warehoused.
The bank wrote to us 3weeks ago and requested another full financial statement as we may be entitled to the new enhance split mortgage option. Has anyone else received this and what was the outcome. No change in our financial situation.
1 income of E41,000
3 children
No other loans

Basically I'm wondering is a debt write down realistic.

Regards
 
No harm sending in another Financial Statement.
Wording used is (enhanced) so it won,t be to your disadvantage.

Given that you are warehoused theK70 is probably a type of write-down ( I don,t know your particulars)

So suggest send it in and hope it will be to your advantage.
 
Thanks for the reply Gerry.

Just on another note, if a bank offers to write off debt, would it be logical to ask them for an interest rate reduction instead??

I am thinking if you are offered a write off of part of your warehoused amount, it isn't of immediate advantage.
If they are willing to write off debt can they not lower the interest rate for a better quality of life now (reduced payment)??
 
Hi sprinkler

Go with the write down of the debt if offered.

1) It is permanent
2) If they agree a reduction in interest rates instead, they could increase them at any time in the future. Unless you are on a tracker?
3) Unless you are on a tracker, I expect that interest rates will fall further anyway.

Brendan
 
Hi Sprinkler, we also got this and they have written off €17,000 off our mortgage. They have taken it off the split part so has not reduced our monthly payment but is better than nothing.
 
Thanks for the replys.
Coys84, were you waiting long for their decision?? And was the €17,000 a large percentage of your parked amount??
I'm wondering how are they deciding on a figure to right off.
 
sprinkler said:
Thanks for the replys.
Coys84, were you waiting long for their decision?? And was the €17,000 a large percentage of your parked amount??
I'm wondering how are they deciding on a figure to right off.
Click to expand...
48,000 was the parked amount, no we sent in the financial statement and a week later my wife got a call to tell us and a week after that we got written confirmation and forms to sign to agree.
 
Coys

That is fantastic. What was the timeline?
When did you first agree to a split?
When did they offer you the second one?

AIB is doing some great deals for some people, and they are not getting the credit for it.

Brendan
 
Brendan Burgess said:
Coys

That is fantastic. What was the timeline?
When did you first agree to a split?
When did they offer you the second one?

AIB is doing some great deals for some people, and they are not getting the credit for it.

Brendan
Click to expand...
April last year we started the split and April this year we got the offer.
 
We sent our SFS in about 3weeks ago and have heard nothing yet. Hopefully we will hear soon.

Brendan, Any insight into into how they land a figure to write off??
Do you think it's in relation to negative equity?? We'd be E70k in negative equity.
 
Why do you think you were offered this out of the blue - you did not seek a new arrangement? Are all splits getting this letter or if not how are people being selected?
 
Back in February last year, when AIB announced their new, better split, they said that they would offer it to existing customers who had split mortgages.

http://www.askaboutmoney.com/thread...gage-may-write-off-some-debt-up-front.185214/

I am surprised that Coys was offered the "old" split after that announcement.

They don't publish their criteria, so sorry, I have no idea how they work out what they might write off. It would be essential that if you have a split, you continue to meet the agreed repayments.

Brendan
 
Thanks Brendan. It looks like Coys84 got his split after the new scheme was announced (Feb) and still got contacted about a write down.
Coys84 did your split agreement have the enhanced terms originally or not?

I got a split offer in March 2014 and it was enacted late April early May and had the enhanced terms but I didn't receive any write down.
 
Futurelookin,
We are a year and a half into our split and only received the letter a few weeks ago. Maybe you need to make a certain amount of repayments before they will offer a write off.
 
Thanks Sprinkler. Presumably you didn't get your split with the enhanced terms originally and that's why they contacted you but Coys84 got his split after the new terms were introduced around the same time as mine and he was contacted a year into his split. I'd like to know if his split was on the old terms or the new.
 
I'm not to well up on how they came to this offer as we had help from a crowd similar to mabs when we first got our unsustainable letters and help get our split mortgage. We have kept to this new arrangement and haven't missed a payment since. I think I remember something about they would review it after a year if payments were met.
 
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