Dublin Walker
Registered User
- Messages
- 19
Brendan asked me to do a post documenting my experience from start to finish which would be very helpful to others.
1) What was the financial issue you were facing?
My mortgage balance was due and was with Pepper (Ex BOSI mortgage), my rate had increased significantly. I could manage the payments, but didn't have funds needed to repay the loan in full. Options offered by Pepper were to sell my property to avoid enforcement, which just wasn't a real option for me.
2) What was your financial position ? Age, income, value of house , etc. Just a summary
Retired 72, modest pension and enough for day to day needs, mortgage at the time was 80K and my home was valued >750k.
3) What options did you consider?
Initially just wanted to continue with Pepper, but they said wasn't possible. Didn't have enough in savings, selling and moving was a last option for me. I wanted to be able to stay in my home, could afford to continue to pay so looked for a re-mortgage. Talked to local bank (PTSB) was told I was too old for a mortgage.
4) How did you hear of Spry?
A girl friend of mine had done a Spry loan as was very positive about them.
5) What were your concerns?
Had just heard "bad idea" and got the general sense people shouldn't do these. I talked with a mortgage broker and they outlined options available to refinance and Spry was best option. Also then talked to accountant and my solicitor. They laid it out for me and ultimately was right option for me.
6) What do you think now?
End of the day it is just a mortgage! Although slightly different! Company was great to deal with, came out to meet me and was the right option for me, allowing me to stay in my home. Did I think I would still have mortgage in my 70's...no!, am I glad this option is there. Yes.
Just my experience, hope it helps.
1) What was the financial issue you were facing?
My mortgage balance was due and was with Pepper (Ex BOSI mortgage), my rate had increased significantly. I could manage the payments, but didn't have funds needed to repay the loan in full. Options offered by Pepper were to sell my property to avoid enforcement, which just wasn't a real option for me.
2) What was your financial position ? Age, income, value of house , etc. Just a summary
Retired 72, modest pension and enough for day to day needs, mortgage at the time was 80K and my home was valued >750k.
3) What options did you consider?
Initially just wanted to continue with Pepper, but they said wasn't possible. Didn't have enough in savings, selling and moving was a last option for me. I wanted to be able to stay in my home, could afford to continue to pay so looked for a re-mortgage. Talked to local bank (PTSB) was told I was too old for a mortgage.
4) How did you hear of Spry?
A girl friend of mine had done a Spry loan as was very positive about them.
5) What were your concerns?
Had just heard "bad idea" and got the general sense people shouldn't do these. I talked with a mortgage broker and they outlined options available to refinance and Spry was best option. Also then talked to accountant and my solicitor. They laid it out for me and ultimately was right option for me.
6) What do you think now?
End of the day it is just a mortgage! Although slightly different! Company was great to deal with, came out to meet me and was the right option for me, allowing me to stay in my home. Did I think I would still have mortgage in my 70's...no!, am I glad this option is there. Yes.
Just my experience, hope it helps.
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