Renegotiation Mortgage repayment with PTSB

[MarkMark]

I have an interest only tracker mortgage with PTSB (very high tracker rate of 3.35%). The property is my family home, I have three children under the age of 6. The property was bought at the very top of the market (Oct 2007), required €250k building and renovation work at the time, and is now worth approximately the same as the remaining capital owing on the mortgage. I will be unable to repay the capital at the end of term in 12 years and will therefore lose my family home and become homeless.

I have submitted a restructure request to PTSB asking that they warehouse a portion of the debt so I can convert the remains into a repayment mortgage and have some hope of repaying the warehoused section of the debt at the end of term.

PTSB have said they are unwilling to restructure the loan and have now converted my mortgage into a non performing loan. They were totally unhelpful and seemed unwilling to work with me to help me find a solution.

I am looking for an advisor who can help me negotiate with PTSB to see if there are any other options for me.

Thanks for your advice!
From a very worried PTSB mortgage holder

 

[Brendan Burgess]

Hi Mark

Look at it from ptsb's point of view.

You can sell the property and repay the mortgage in full. So why should they write down a part of the mortgage, which is effectively what a split mortgage is. So that is ptsb's solution.

You are not able to afford your mortgage, so they are right to say that it is not sustainable.

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