Morgage with PTSB Fixed term over

[anna]

I am recently separated. I have a 180,000 mortgage with PTSB.2yr fixed rate up in April at 4.89%.Since Dec I am paying interest only fixed for 6 months to give breathing space while separating.I work part time and am receiving OPFP.Repayments at mo are 580.00pm. The most I could afford to repay monthly would be 700.00pm.23 years left on mortgage.Should have at least half morgage paid but due to remorgages over the years I am practically back to the start.Remorgages were not my idea afraid I married a gambler.But do not want to give up on home.
Received a letter for PTSB today with new offers as fixed rate term up.
Tracker Variable @ 4.25% = 1190.06pm
LTV Variable @ 4.15% = 1180.67pm
2yr Fixed @ 5.25% = 1286.30pm
These rates seem very high to me.The bank agreed in Dec if I paid the morgage for next 6 months they would consider putting morgage in my name only, but the interest payment I can afford, the above quotes I cant.Any suggestions welcome to help reduce my payments.
Would they extend morgage over 35yrs?
pay.

 

[tenchi-fan]

Extending the term seems like a very good idea (maybe the only solution) so you should arrange to meet the bank manager to explain your situation.
You should also look into maintenance payments from your ex.
I'm not sure about getting the loan in your name only, especially if you are in negative equity. Arrange a meeting with MABS.

PTSB's rates do seem a bit high but there's a good chance they'll get higher over the next few years. I think the tracker is better than the variable rate because at least interest rates actually have to rise for the bank to put up their rates.