Permanent TSB Big Freeze

T

taboo66

Guest
Im wondering if anyone has any experience or knowledge of Permanent TSB's offer for new customers regarding the 'Big Freeze' which delays your mortage repayments for the first six months. My sister is currently applying for mortage approval through a broker and has been offered a mortage with TSB and this has been mentioned to her.
 
You don't make any repayments on your mortgage for six months but you still pay interest on the missed repayments so it's an expensive convenience. Does she really need it?
 
Realistically it's not that expensive, at least no more expensive than the mortgage borrowings - basically you're borrowing an extra 5 or 10 k. you can choose to get the freeze for 1 to 6 months, so in effect a mortgage of 300k becomes 305k etc.
 
rmelly said:
Realistically it's not that expensive, at least no more expensive than the mortgage borrowings - basically you're borrowing an extra 5 or 10 k. you can choose to get the freeze for 1 to 6 months, so in effect a mortgage of 300k becomes 305k etc.
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True, but I suspect that many people don't fully appreciate that in accepting this "offer" they're increasing their loan by €5,000 or whatever, on which they'll then pay interest for the next 24 to 39 years.
 
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