Net income partner/spouse: nature of income
Myself- €2950 pm. Permanent
Spouse- €2900 pm. Public Sector
number of children:2 (3.5yrs & 1mth)
Amount of child benefit received €260
Amount of Mortgage Interest Supplement received- None
Home loan-€429,000
Lender: UBL
Amount outstanding: €429,000
Value of home: €250,000
Interest rate: specify whether tracker or SVR or fixed rate- .95 Tracker Monthly repayment – €1,311
Amount in arrears - €2,100
Summary of discussions and agreements with the bank-
Broker had arranged interest only for 1st 5 years, we tried to get this extended and have been refused, due to the RIP according to the underwrighters. Also thanks to very poor customer service on the banks behalf we were not infromed of this decison until the day before new payment was due. So for 2 months we paid the intrest only portion + €200 and are now paying full and will deal with the arrers in full by end of august.
Investment property – 1 (this was my residence before we married)
Lender: KBC
Amount outstanding: €235,000
Value of home: €100,000 (Max)
Interest rate: SVR
Monthly repayment: €1487.00 (currently paying €550 on a reduced payment plan until December 1st)
Amount in arrears :NIL
Monthly rent received : €610 (Less monthly costs of €200)
Other loans
Personal loan BOI - €618pm
Childcare after discounts is €1600pm
We are prioirising the family home and did borrow on the RIP and want to pay but even if we went interest only on it (€1,100) and 'burned' BOI on the personal loan we would be left with less than the resonable living expenses to live on. (also ours would be about €150 higher pm than published due to my son and I both having chronic conditions). This would also in my view be just delaying the ineviatable as the negitave equity in the RIP is unlikley to recover within the term of the mortgage
We met with new beginnings (who are excellent) 2 months ago who advised us that a PIA might be the way to go, some great discussion on this site so would like to hear what other options I may not have considered as this is causing a lot of stress and disagreements in the house.
Thanks
RM
Myself- €2950 pm. Permanent
Spouse- €2900 pm. Public Sector
number of children:2 (3.5yrs & 1mth)
Amount of child benefit received €260
Amount of Mortgage Interest Supplement received- None
Home loan-€429,000
Lender: UBL
Amount outstanding: €429,000
Value of home: €250,000
Interest rate: specify whether tracker or SVR or fixed rate- .95 Tracker Monthly repayment – €1,311
Amount in arrears - €2,100
Summary of discussions and agreements with the bank-
Broker had arranged interest only for 1st 5 years, we tried to get this extended and have been refused, due to the RIP according to the underwrighters. Also thanks to very poor customer service on the banks behalf we were not infromed of this decison until the day before new payment was due. So for 2 months we paid the intrest only portion + €200 and are now paying full and will deal with the arrers in full by end of august.
Investment property – 1 (this was my residence before we married)
Lender: KBC
Amount outstanding: €235,000
Value of home: €100,000 (Max)
Interest rate: SVR
Monthly repayment: €1487.00 (currently paying €550 on a reduced payment plan until December 1st)
Amount in arrears :NIL
Monthly rent received : €610 (Less monthly costs of €200)
Other loans
Personal loan BOI - €618pm
Childcare after discounts is €1600pm
We are prioirising the family home and did borrow on the RIP and want to pay but even if we went interest only on it (€1,100) and 'burned' BOI on the personal loan we would be left with less than the resonable living expenses to live on. (also ours would be about €150 higher pm than published due to my son and I both having chronic conditions). This would also in my view be just delaying the ineviatable as the negitave equity in the RIP is unlikley to recover within the term of the mortgage
We met with new beginnings (who are excellent) 2 months ago who advised us that a PIA might be the way to go, some great discussion on this site so would like to hear what other options I may not have considered as this is causing a lot of stress and disagreements in the house.
Thanks
RM
