Aisling Geal
Registered User
- Messages
- 4
Hi,
I would appreciate advise/thoughts. Thank you for your time.
Situation:
Home loan - On our family PPR - we are non-resident left Ireland purely for economic reasons to keep the home- plan is to return in near future when mortgage paid.
Lender: Currently owned and managed by Vulture fund - ( originally a Stepstone mortgage - passed through a number of entities.)
Amount outstanding: Approx 161,000 - #should be less - c 155000 if extra payments were paid off immediately see below
Value of home: 230000 estimate - (not valued recently but houses reaching higher prices lately in locality as not many available)
Interest rate: Variable rate - Euribor - 4.115% as at March 2020 - advised by previous account managers.
No current information on interest rate from them despite requesting statements but I think it has increased following recent phone conversation.
Monthly repayment - e 1170 - we overpay monthly and have managed to send lump sums of 5000 x 3 approx in last 6 months.
Amount in arrears: none now - # account in credit but have been informed that extra payments have not been allotted to pay down principle as requested each time we made a bank payment
but held in a credit account. Payments with previous loan owners were paid to the principle and we received statements.
I have made phone calls and emailed and requested monies to be paid off the principle.
Lender has finally written asking
1) if we want to reduce term or payments
2) the revised repayments once authorised will be in line with applicable variable rate
3) all other terms and conditions remain as per the original Mortgage agreement
Question
Is it not the case that the extra monies already sent should be applied to pay off the principle at the rate of interest on the day day it was paid in
Is that what is meant by 2) and am sceptical as this company seem to do their own thing and from reading on AAM are putting rates up.
By signing are we changing the original Mortgage agreement?
I would appreciate advise/thoughts. Thank you for your time.
Situation:
Home loan - On our family PPR - we are non-resident left Ireland purely for economic reasons to keep the home- plan is to return in near future when mortgage paid.
Lender: Currently owned and managed by Vulture fund - ( originally a Stepstone mortgage - passed through a number of entities.)
Amount outstanding: Approx 161,000 - #should be less - c 155000 if extra payments were paid off immediately see below
Value of home: 230000 estimate - (not valued recently but houses reaching higher prices lately in locality as not many available)
Interest rate: Variable rate - Euribor - 4.115% as at March 2020 - advised by previous account managers.
No current information on interest rate from them despite requesting statements but I think it has increased following recent phone conversation.
Monthly repayment - e 1170 - we overpay monthly and have managed to send lump sums of 5000 x 3 approx in last 6 months.
Amount in arrears: none now - # account in credit but have been informed that extra payments have not been allotted to pay down principle as requested each time we made a bank payment
but held in a credit account. Payments with previous loan owners were paid to the principle and we received statements.
I have made phone calls and emailed and requested monies to be paid off the principle.
Lender has finally written asking
1) if we want to reduce term or payments
2) the revised repayments once authorised will be in line with applicable variable rate
3) all other terms and conditions remain as per the original Mortgage agreement
Question
Is it not the case that the extra monies already sent should be applied to pay off the principle at the rate of interest on the day day it was paid in
Is that what is meant by 2) and am sceptical as this company seem to do their own thing and from reading on AAM are putting rates up.
By signing are we changing the original Mortgage agreement?
