mortgage moratorium

Hi guys, we applied to our mortgage co for a break in our mortgage for 6 months.(have never defaulted on payments) I will be going on maternity leave in Feb, and our income is going to be greatly reduced.
We are paying €1800 a month on the mortgage and could really do with this break.
They have come back to us, refusing the moratorium, and at a push (from my husband) suggested interest only for 6 months.
Paperwork will be sent out to us to appeal if we want to .....
Any suggestions ... we will definitely appeal it....

All you can do is appeal. While you feel you need this leeway unfortunately banks are giving preference to those in worse scenarios, for example where one or both people are now out of work, you are simply further down the priority list.

Hi grass

There is no right to a moratorium.

You would presumably only get one if you were unemployed and had no income coming in. But if your husband continues to work, it seems reasonable that you should continue paying at least the interest on the mortgage.

Brendan

wbbs said:

All you can do is appeal.

Click to expand...

Or unilaterally decide not to pay the mortgage for 6 months - credit record will be shot though !

Didnt some banks advertise their products as being able to take "payment holidays" of up to 6 months? I know UB did at the time.

I know when getting my mortgage with the EBS I was informed by the Branch manager at the time that I could take 6 months break over the life of the mortgage be it 2 * 3 month break or 1 * 6 month break. This was one of the reasons why I went with EBS at the time.

When I enquired earlier this year about taking a break, I was told that EBS never offered holiday breaks in their mortgages. There is nothing wrote down but i am definite that I was told this at the time as It was the first time I had heard of mortgage holidays and thought it would be great at the stage when the oldest child was going to secondary school.

There is nothing in writing so I am unable to prove it was said at the time.

Thanks for your replies, we did think about just defaulting on the payments for a couple of months - but really dont want our credit rating to be affected.... waiting on forms to come in post to appeal, otherwise we will just take the interest only for 6 months... it will be some help.
Thanks guys.

Save every penny between now and Feb. Will you be able to avail of free childcare when you do return to work?