Maid Upname
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Paying a sum off residential mortgage when BTL in Neg - help pls
- Thread starter Maid Upname
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Brendan Burgess
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You should post all the information in the Case Study format to get the most comprehensive information.
Information required for mortgage arrears and negative equity questions
If you have an interest only mortgage for the full term as part of your contract, the lender cannot force you to pay capital off it ahead of schedule.
If you have a cheap tracker on an investment property that should be capital and interest, then you should probably keep the €100k to make sure that you can meet your full repayments for a few years.
These are very complex issues so I strongly recommend you set out all the facts, and set out why you propose to pay money off your home loan, in order to get a second opinion on the strategy.
Brendan
Information required for mortgage arrears and negative equity questions
If you have an interest only mortgage for the full term as part of your contract, the lender cannot force you to pay capital off it ahead of schedule.
If you have a cheap tracker on an investment property that should be capital and interest, then you should probably keep the €100k to make sure that you can meet your full repayments for a few years.
These are very complex issues so I strongly recommend you set out all the facts, and set out why you propose to pay money off your home loan, in order to get a second opinion on the strategy.
Brendan
If you are being made redundant the prudent thing to do would be to lodge it to a easy access deposit account that pays some form of interest. You may have a whole pile of expenses that need to be paid in the interim while you get a job. I would park the redundancy money in an another bank to the ones you owe the mortgage to. If its more than 100k split it to keep it safe from 'bail ins' or just make it a joint account which has 200k cover.