Got lucky (got a job), can pay arrears - should I ?

S

Setanta12

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As the title suggests, I got lucky - I got a job and have received my first pay-cheque in almost a year.

I'm since Mid-March on a bank-agreed-mortgage-payment-holiday of six months i.e. 3 months payments not made. I can afford the arrears and have no other debts to pay off.

I would aim to save for another PPR and keep the present PPR as an investment. For this I wil require a substantial deposit.

My question is; knowing my future plans - should I aim to discharge the arrears (they're not really arrears, sure they're not!?) and build up a good reputation with the bank ?

(I'd approached the bank when it looked likely I couldn't afford any more repayments after the following one, that was about to be made) (FWIW, I'm in negative equity but its hard to guess by how much - outstanding capital on mortgage is about 135k, current new salary just under half that)
 
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if you owe them the arrears and can have it built into your payment, and you say that you want to buy again in the future then not paying puts an end to that, so to a degree you have answered the question, pay them, and hopefully your situation will be factored in some time in the future if you need a further line of credit.
 
Well, its not really arrears - it was an agreed holiday.

(I'm kinda enjoying (a la Father Ted) the money (my first pay cheque in almost a year) resting in my account.)
 

I'm not sure if I was in negative equity, on a bank-agreed-mortgage-payment-holiday, with my first cheque in a year that I would be thinking about buying an investment property. Then again if I was on 270k a year ...
 
I won't stay living in my PPR - whether I choose to offload it or keep it.

My question is more rather about keeping my nose clean with the bank(s) and the best foot forward.

Do I keep my hard-earned cash for a deposit, or give it to the bank (for the payments they kindly deferred with my 'holiday'), all the time bearing in mind, if I do sell the bank will recoup its deferred monies anyway.
 
Essentially we're talking about four months of a mortgage payments if I do go and pay it now.
 
pay arrears .with a salary like that it wont be a problem.
 
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