Renegotiating my mortgage.

M

MartinX1

Guest
Hi,

My wife is not returning to work after her maternity leave and we want to renegotiate the terms of our mortgage so that we can live comfortably for the next few years until our child goes starts school and she secures another job.

The details of our mortgage are as follows.

In 2004 we took out a Tracker mortgage(ECB+1.3%) with ICS for €230,000 over 25 years and then in 2006 we took a top up of the Tracker mortgage(ECB+1.25%) with ICS for €50,000 over 23 years.

We are currently on the Tracker mortgage I have €179,500 left, and on the top up one we have € 42,000. The house is currently valued at €280,000

We would be grateful to hear people’s opinions on what way we should approach the bank on this?
 
Any request for amendment to a mortgage will come under MARP. Ability to negotiate a reduced payment depends on your financial circumstances. Contact your Bank and start the process rolling. They will send you out a SFS form to be completed. It's quite comprehensive and you can then apply for a reduced level of repayment. It's difficult to comment on the exact paramaters used by the Bank in making a decision on this as even internally the basis for decisions can be somewhat subjective.
 
MartinX1 said:
In 2004 we took out a Tracker mortgage(ECB+1.3%) with ICS for €230,000 over 25 years and then in 2006 we took a top up of the Tracker mortgage(ECB+1.25%) with ICS for €50,000 over 23 years.

We are currently on the Tracker mortgage I have €179,500 left, and on the top up one we have € 42,000. The house is currently valued at €280,000

We would be grateful to hear people’s opinions on what way we should approach the bank on this?
Click to expand...

Not sure what you are aiming for here? Do you want to extend the term and have lower repayments. You have about about 17 years left on the mortgages, if you increase this what age will you be, also you will pay a lot more interest and no doubt the bank would love to have a reason to get you off the tracker.

I'd seriously doubt your property is worth 280K if you paid 230K plus deposit in 2004.

Are you sure your wife giving up work in the current climate is a good idea? Jobs are really really hard to come by, you both might regret this.
 
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