Out of work with Mortgage.

S

serotoninsid

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Its looking like I may be out of work shortly - dont know for sure yet but want to be prepared. If I can't meet repayments on my mortgage temporarily, are banks prepared to suspend the mortgage for a few months or charge interest only?

Anyone else been in this situation?
 
Depends on the bank but our lender PTSB gave us a 6 month payment holiday when my husband was made redundant last year (although only ended up needing 3 month break)

Best of luck.
 
I'd imagine you should make an appointment to speak with your lender.

As the previous poster has said, ptsb offer payment holidays, as do Ulster Bank, once a certain number of payments have been made.
 
CCOVICH said:
ptsb offer payment holidays, as do Ulster Bank
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UB certainly do 6 month moritarium (I believe is the term?) on payments, but not sure on what criteria (re previous payments) may be needed [as stated above].

Talk to the lender and given the circumstances I'm sure they could accomodate.
 
CCOVICH said:
As the previous poster has said, ptsb offer payment holidays, as do Ulster Bank, once a certain number of payments have been made.
Click to expand...


do u know how many payments are required ?
*shootingstar*
 
Whatever you do don't ignore the situation if it does happen that you become unemployed and cannot meet the repayments. Lenders much prefer you to come to them sooner rather than later in such circumstances. And just in case it's of any use to you or others in similar situations:
 
Its looking like its a false alarm - but it made for an extremely stressfull weekend and a wake up call. I dont much like my job but I sure as hell can't afford to put myself in a position whereby I would lose it without having something else setup or have some cash in the banks.

Any of you in the same position - that may be overstretching - and the only mortgage payer in the house should take note..
 
serotoninsid said:
II would lose it without having something else setup or have some cash in the banks.
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Having a liquid emergency fund of a few month's worth of living expenses (including mortgage) is a prudent strategy generally so that if you become unemployed you can tide yourself over until you find a new job etc.
 
ClubMan said:
Having a liquid emergency fund of a few month's worth of living expenses (including mortgage) is a prudent strategy generally so that if you become unemployed you can tide yourself over until you find a new job etc.
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Agreed. Have been wanting to work towards this level but all my extra cash is getting buried in a long list of jobs that are still outstanding since getting the house signed over in the Spring. 2 more built in walldrobes to go in, a couple of sockets in the attic & get the en-suite tiled - and I will finally be over the hump.

What an expensive year!
 
Built in wardrobes are not a priority - a rail and curtain will suffice and do you really need sockets in the attic ahead of an emergency fund??

Sarah

www.rea.ie
 
ClubMan said:
Having a liquid emergency fund of a few month's worth of living expenses (including mortgage) is a prudent strategy generally so that if you become unemployed you can tide yourself over until you find a new job etc.
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Wasy to talk about if you are just making ends meet and as the OP says, the only mortgage payer in the household.
 
Sarah W said:
Built in wardrobes are not a priority - a rail and curtain will suffice and do you really need sockets in the attic ahead of an emergency fund??
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Your right of course. I have always had contingency money - up until this year. If it wasnt for the fact that I am renting rooms in the house, I would probably not be in as much of a rush with walldrobes, etc. I have been trying to provide as many advantages for people to stay rather than move and to make it as attractive as possible if I need to go back out and get another tenant as time goes on.
Those are just the last items left - I would like to get them out of the way forever. I like the comfort of my new home but i'm far from 'homes and gardens mode'. Once those things are in, I wont be spending any more funds.
 
serotoninsid said:
Those are just the last items left - I would like to get them out of the way forever. I like the comfort of my new home but i'm far from 'homes and gardens mode'. Once those things are in, I wont be spending any more funds.
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This does not make sense. If you are under financial pressure then you should be trying to live within or beneath your means and avoiding unnecessary expenditure.
 
I think it's a good idea to put in the wardrobes if you want to rent the room. Not too many tenants want to live in a room which has no wardrobes. I don't know what they cost but surely the gain in securing a tenant RaRs is worth it? You've had a wake up call though and I'm sure the prospect of losing your job was very stressful.
 
ClubMan said:
This does not make sense. If you are under financial pressure then you should be trying to live within or beneath your means and avoiding unnecessary expenditure.
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I can't say i'm living beyond my means - living within them and everything going according to plan so long as my pays going into the bank every week. It was the very unexpected prospect of not having employment that through me.
The items mentioned are not really 'unnecessary' as such. They are essential items in my mind in order to..
a. entice tenants to rent the rooms
and
b. reduce the likelihood of them wanting to up sticks and find a place that offers more for their money.

But one things for sure, I'm not going to let either my mortgage or my employment situation hang over me like a shadow for the next 20-30 years. Some more plans in the works for '07 to get a bit of financial breathing space!
 
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