Is there a formula for Interest only repayments?

J

Johnpfitz

Registered User
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14
Have applied for a 12 month 'break' where I will be paying Interest only
repayments on my Mortgage. Filled out a very detailed Income/Expenditure form.

Do anyone know what the formula PTSB use in deciding eligability for Interest only?

Thanks
 
I presume if an honest income and expenditure account shows excess expenditure over income and that therefore you can't afford the full mortgage, you should qualify as you can't pay what you don't have. This is bearing in mind the Expenditure costs don't include eg. Skysports, 2 nights a week drinking money etc.
 
Hi Johnpfitz,

I don't know the formula they use but as long as you can prove that you cannot make your full mortgage repayment and as the previous poster said so long as your spending is not on non-essentials. From my dealings with them they don't give a 1 year interest only, the do 6 months and then review it and you have to apply again - perhaps each case is different but that is the way they dealt with me.
 
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