Mortgage payment break - how diffucult to get?

A

aoc

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Mortgage with ulster bank - was originally with first active. paying for over 10 yrs, never late or missed a payment - how difficult is it to get a payment break, only talking about maybe 3 or 4 months?what is involved?
 
Virtually all requests are now dealt with under the MARP agreement. Contact the Bank and request the required documentation. Check your mortgage documentation to see if it includes an option to take a repayment holiday. Some FA mortgages included this option.
 
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interestingly - just called bank they said no way would they give a payment break unless payment of same was a problem. i explained that not a problem, but that i may require back surgery later in year and examining possibility of pmt break for few months... he said, no. but there was a tiny chance that original mortgage offer mite have a clause in it, would i look it up and send a copy of it to them.

so...... in reality its easier get off paying it if i said i was in difficulty rather than a genuine reason. i did say would be back to paying full thing immediately after the break........
 
oh right.... thanks!

its not a mortgage arrears thing...

will try locate original letter of offer over wkend, fingers crossed!
 
I am in the same boat. Have paid mortgage for past 11 years never missed a payment and have 9 years left to pay. I can still picture the EBS manager at the time of taking out the mortgage explaining that there was an option for 2 payment breaks over the lifetime of the mortgage. However when I enquired about taking a break last month I was told that EBS never allowed for payment breaks and there does not appear to be anything in the original contract to allow for this.

I would just like to take a break for a few months to tie up a few loose ends. As OP said it seems to be easier to get a deal if one cannot make the payments as opposed to someone who will pay but just wants a few months break.
 
oh i wish i only had 9 years left to pay!!

i can't rem what happened at the time.... but i just hope i still have the letter of offer.
he said exactly same to me, may have been an option but i have to prove to them that it was in my contract.

well reality is i won't have the money to pay it if it comes to it, but would have rathered take a pmt break option......
 
If you don't have the original copy L/O (Letter of Offer). Ask the Bank to send a copy to you.
 
i will, i will have a look over wkend first. they did not offer to send me a copy......
 
I know someone who met with the bank and requested a 6 month payment break. The bank declined. The person said they wouldn't be paying for 6 months in any event, left the bank and wrote a letter to that effect. The bank then offered a 6 month moratorium. I'm not suggesting that anyone should do this.
 
i agree... but if you are being upfront and completely honest, its only 3 payments and then back to normal...... he did say maybe interest only could be offered for the 3 months,but maybe not.... to be honest the interest is prob nearly the full monthly payment!! will check over wkend and report back
 
You should offer to pay interest over the requested 3 months. banks don't like giving full payment moratoriums, but can be open to short term interest only requests.
 
going to look at that aswell, see how much interest i am paying every month and see if that is an option......but i think most of my payment is interest, that's the prob... so not really solving nything....
 
but i think most of my payment is interest
Click to expand...

Unlikely, but if you are prepared to post figures (I.e amount owed - rate - remaining term), someone here can give you an indication of likley options.
 
i will....... that would be great!, will root them out later this evening
 
ok, found loan offer there is no mention of a break being available

amt owed - 167k at 31.12.11, term left 33 yrs at 31.12.11 and current rate 4.75%
current monthly payment is 832.24
what is possibility of bank actually agreeing to either a pmt break or interest only for a few months.......
 
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