repaying mortgage

[traceym12]

I have a mortgage of 190,000 over 30 years , 3 years paid, i will have a lump sum of approx 110-115000 euros to pay off in september, should i be able to get a bit more off my mortgage with repaying this amount as i heard banks are negoiating mortgage terms now ,some people have suggested using a financial advisor, would appreciate some advice

 

[oysterman]

should i be able to get a bit more off my mortgage with repaying this amount

Of course you won't. The very fact that you have a big lump sum means there's no danger of you defaulting so there's not a cat in hell's chance of the bank being interested in your cheeky proposal.

 

[Senna]

I think you mean can you get the mortgage balance reduced by more than the amount your paying, i.e. the banks are in trouble and will be so glad to get cash that they may do a deal.
I haven't hear of this before, but worth a try. If your on a tracker they may negotiate a good deal to get you off that. Anythings worth a try.

 

[traceym12]

hi,
thanks for the input, just want to say its far from a cheeky proposal, like a lot of people in the country my husband is losing his job in september after 18 years with the company,we have 4 children so trying to find anyway to keep our home, will post if we have any joy with the bank

 

[WombleWilly]

hi,
thanks for the input, just want to say its far from a cheeky proposal, like a lot of people in the country my husband is losing his job in september after 18 years with the company,we have 4 children so trying to find anyway to keep our home, will post if we have any joy with the bank

Best way to keep your home is to hang on to as much of that cash as you can without it impacting on your social welfare entitlements. The welfare section of this site has info on how cash saving impacts those entitlements. 100k should see you ride out any kind of short to medium term unemployment comfortably.

 

[BaileyMc]

Just another point of view.

Depending on the mortgage interest rate, it may be more beneficial to have the lump sum in a deposit where it could be earning a higher interest rate than you are paying on the mortgage.

In the interim while your husband is looking for work, you can use part of the lump sum to make up the difference in the mortgage. Hopefully, he will find employment soon and ye will be back on track with a balance of the lump sum for the future, still earning more interest than you are paying on the mortgage.

If your husband has been with the company for 18 years, he will be entitled to JSB. However, I believe that he will not receive payment for the first number of weeks following redundancy on receipt of a lump sum of that size, assuming he is under 55. Once this period has passed, he will get the full weekly amount for the period of the JSB.