Slingshot05
Registered User
- Messages
- 2
Hi,
Question for those who might have an experience of this.
I have a BTL mortgage with Bank. I also have my residential mortgage with same Bank. The original BTL was 135K and I topped this up with a seperate mortgage by 50K a couple of years ago. There is now 128K left on the main BTL and 49K left on the 50K top up.The BTL is in negative equity and is generating a rent of €550 pm.
There is 149K left on my residential.
The three mortgage accounts are on trackers.
I had been paying the residential in full and 400 per month on the BTL while the 50K was interest only.
The bank now want payment in full on both mortgages attached to the BTL. Because we can't pay this in full they suggested forebearance by extending mortgages to 40 years and switching from tracker to BTL variable (adding 1% to tracker rate as a start).
They also suggested adding 5 years onto residential to reduce payments here.
I appealed this to them and suggested accepting extension of mortgage term to 40 years on BTL but staying on tracker.During the appeal process the BTL mortgages slipped into arrears (very small amount at the moment)
They have rejected this and insist on sticking to terms of original forebearance offer.
I feel at this stage that they are holding all the cards and am not sure of the next move. I'm thinking I should just cut to the chase and accept?
Question for those who might have an experience of this.
I have a BTL mortgage with Bank. I also have my residential mortgage with same Bank. The original BTL was 135K and I topped this up with a seperate mortgage by 50K a couple of years ago. There is now 128K left on the main BTL and 49K left on the 50K top up.The BTL is in negative equity and is generating a rent of €550 pm.
There is 149K left on my residential.
The three mortgage accounts are on trackers.
I had been paying the residential in full and 400 per month on the BTL while the 50K was interest only.
The bank now want payment in full on both mortgages attached to the BTL. Because we can't pay this in full they suggested forebearance by extending mortgages to 40 years and switching from tracker to BTL variable (adding 1% to tracker rate as a start).
They also suggested adding 5 years onto residential to reduce payments here.
I appealed this to them and suggested accepting extension of mortgage term to 40 years on BTL but staying on tracker.During the appeal process the BTL mortgages slipped into arrears (very small amount at the moment)
They have rejected this and insist on sticking to terms of original forebearance offer.
I feel at this stage that they are holding all the cards and am not sure of the next move. I'm thinking I should just cut to the chase and accept?
