Remaining mortgage owed: €376,000.00
Value of property: €310,000.00
Payment being made: €1,880.00 PM
Bank would like: €2,390.00 PM
Interest rate: 4.5% SVR
The BTL is with one of the big 3 on a cheap tracker at 1.1%; costing approx. €640.00 per month with income of €900.00. 110k outstanding on mortgage with a value of 70k.
Remaining mortgage owed: €376,000.00
Value of property: €310,000.00
If these options don't work and if ACC doesn't help her...
I think she should just play hard ball.
Keep requesting a deal. Keep paying what she can. Keep up a file of correspondence.
They may just reluctantly accept it and keep hassling her. But she stays firm.
They may initiate repossession proceedings. These are not as bad as they sound.
She attends court and tells her story.
She will get adjournments for some time.
It's not the courts' practice to grant orders in these types of cases. That may change, but by the time it does, she might well be out of negative equity or her finances may have changed.
Brendan
How many years left on the mortgages. What is her age. How much could she rent somewhere decent for?
Would it be crazy for her to simply pay the full P&I at an interest rate of 3.5% rather than 4.5%?
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