Interest Only Without banks agreement

S

smileyface

Guest
Hi All,

I'm just wondering if anyone has done this before.

I bought an apartment in Meath with an ex boyfriend in 2007. We have since split up & he has left the country & is uncontactable.

I rented out the apartment & have been paying the full mortgage which is the rent plus five hundered euro additional I pay every month.

I rent elsewhere myself, as I had to move when I got a new job 100 miles away .

While I don't particularly enjoy paying over with the five hundred euro a month , I take responsibility for my own actions.
However the bank won't let me take on the mortgage bu myself - I don't earn enough. I am concerned that at some stage in the furure my ex will be able to claim half the apartment.
The bank won't let me go on interest only as I don't have the other partys signature to agree to this. If i go on interest only , the rent will cover the interest , & it will give me breathing space to try get the place in my own name.
I dont seem to have many options. THe bank just keep telling me they cant do anything for me. I know as long as I pay , I'm not top of their list of priorities
Honestly I would hand back the keys this minute , but I am in negative equity of 200K.

Apologies for the long post but my question is if Icancel the direct debit , & set up a standing order of the interest only amount, will this give me a bad credit rating?

Thanks
 
Why is your credit rating so important to you ? Seriously. In five years time it will go off the radar. Time for hardball. They will push you for everything as long as they get it. Ring them up and tell them (Dont put this in writing btw) you are willing to go interest only immediately or you will default. If this doesn't work you need to call their bluff and do so. Then write a letter telling them you will go interest only and keep a copy. Tell them to give you the answer in writing. They will capitulate eventually. You are 100% right about the chances of your ex coming back as well. YOu need to let him take his share of the pain. At the end of the day walking away is the best option for you right now, credit rating or no credit rating.
 
It doesnt matter if its rented or not its still the only property you own in the state and as such has to be treated like your PPR.

You can apply and pay 6 euro and get your credit rating to examine it.

Like Elcato says dont testify against yourself or sign anything.

Why would you pay 200k for something you will only half own?
 
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