Flexi-annuity mortgage query

[elefantfresh]

Buddy has a flexi-annuity mortgage and the 3 year interest-only period
has expired so he is now back paying the capital and interest, will a
Moratorium affect his future chances of a mortgage with other lenders?

 

[NorfBank]

Your buddy is perfectly entitled to use a moratorium (with the prior agreement of the lender) without being penalised in the future.

Only missed payments are recorded on the Irish Credit bureau so there is no way the other lenders will find out about the moratorium once he makes the payments on time at the end of it.

 

[SPIRITD11]

Incorrect , Moritoriums do show up on the ICB check

 

[NorfBank]

Incorrect , Moritoriums do show up on the ICB check

I stand corrected, thanks SPIRITD11, everyday's a schoolday...

From Sunday Business Post 2001

[broken link removed]

5. Is the ICB informed if a borrower has negotiated delayed payments with his or her lender? Is this taken into account when missed payments show up on his or her record?
(For example, someone who has run into problems -- if an individual has been made redundant and therefore cannot meet repayments.)
"Yes it is. We would sometimes see the word 'M' (meaning moratorium) show up on loans which means the lender has agreed to a postponement of monthly loan repayments. If a borrower takes a repayment holiday, there is no way it would impact negatively on his or her credit rating," said O'Tierney.


"If a borrower takes a repayment holiday, there is no way it would impact negatively on his or her credit rating," said O'Tierney."


So why record the moratorium at all then