Moratorium - how many?

[amy1plus2]

Looking to find out off any of you how many times a moratorium can be granted. We have our mortgage with bank of Ireland and had a 3 month moratorium last year for the months of Aug - Oct. However we only started our mortgage less than 2 years ago. We are going to find it difficult to pay our mortgage over the next few months as we have alot of other stuff going on that cannot be avoided so rather than miss payments we think this would be the best solution. Any advice?

 

[mercman]

I'm no expert in this, but can only comment that you are better off asking the Bank and explain the situation, prior to your missing payments and then receiving a poor credit rating.

 

[bobk]

Banks in general do not like granting moratoriums.
Their attitude is if you can't afford your mortgage now, what's going to change in a couple of months when your repayments are going to be even higher?

In order for them to consider granting you another one, you would want to have a very good answer to this.

Beyond that, consider other options such as increasing the term of the mortgage or going interest only for a short period in order to reduce the repayments.