savings and mortgage arrears

F

f72

Guest
Hi
Sorry was not to sure where to post this question.
I have a rented property which i am looking to get another 6 months of interest only have to apply in Oct this year. My family home is on full payment.
I am couple of payments in arrears on the rented property and am paying this off each month 300 euro extra on top of the interest only.If i get the next 6 months interest only, loans will be finished and arrears cleared.

My question:- i have just come into some money a low 5 figure some. I have a check at the moment and want to put the money some where till i figure out what to do. I know for loans the banks can check for bad loans or loan amounts is this the same as for savings. Just dont want the bank to find out about money and refuse the interest only. If i can get the interest only every thing will be great and can get back on track with full payments.
Sorry about the length of the post. Any advise will come.
 
f72 said:
Hi
Sorry was not to sure where to post this question.
I have a rented property which i am looking to get another 6 months of interest only have to apply in Oct this year. My family home is on full payment.
I am couple of payments in arrears on the rented property and am paying this off each month 300 euro extra on top of the interest only.If i get the next 6 months interest only, loans will be finished and arrears cleared.

My question:- i have just come into some money a low 5 figure some. I have a check at the moment and want to put the money some where till i figure out what to do. I know for loans the banks can check for bad loans or loan amounts is this the same as for savings. Just dont want the bank to find out about money and refuse the interest only. If i can get the interest only every thing will be great and can get back on track with full payments.
Sorry about the length of the post. Any advise will come.
Click to expand...

If you are in arrears, and you are capable of paying off those arrears, then you are legally and morally obliged to do so.

You are what is known as a "won't pay".
 
Hi Brendan
Sorry i should have worded my question better. The arrears are only about 900 euro now and will be paid off by October. The last thing i want is to be in arrears. My question really is about the money i will be getting in two weeks, i really need the interest only for another 6 months and afraid if the bank can see the extra cash in another account with another bank they will not give it to me. I am hopeful they will because i will have paid off the arrears.
On full capital i have to add 400 extra to pay for rented property which wont be a problem next year. I am not a "WONT PAY" and have always paid my way.Sorry again for not wording my first post correctly.
Thanks
 
Hi f

That is a bit clearer.

But you have a lump sum, so you should pay off your arrears. They are only €900, so you should pay them off.
If i get the next 6 months interest only, loans will be finished and arrears cleared.
Click to expand...
Are you saying that the both loans will be paid off next year?

It sounds as if you have huge equity in your home and investment.

The bank should be easy enough to deal with.

The MARP is based on full engagement and disclosure by the borrower. As it's an investment property, you are probably not in MARP. However, I think you are better off disclosing in full. In general, you will get a better response from the lender.
 
Hi Brendan
The arrears will be payed off last thing i need is a bad credit rating. I meant my car loan 500 euro per month and an other small loan of 200 per month.As for equity in my home and investment they are both on trackers. They are worth about the same as both my mortgages. Just want to get interest only for the next 6 months and lock away the money, i will get into, some sort on interest account. Just worried the bank will refuse the interest only because i have a cash sum in a bank. I can get over 3% for cash sum and only paying 1.9% on mortgage's.
I don't feel to happy not disclosing everything but i hope you can see were i am coming from.
 
Confusing post but if you have funds just pay your debts when they fall due. Lets say a "low figure" 5 digit cheque is Eur15,000, then it will cover the extra Eur400 principal for over 3 years. Maybe I'm missing something as the post is vague - however it's simple really - if you have cash then pay your debts and quit looking for free money and others to foot the bill.
 
Hi Moe syzlak
Something seems to be missing here. I am paying of all my debts, as i mentioned above i do not want a bad credit waiting. All i am looking for is to enter a new interest only period for 6 months. Before entering this all arrears gone. Please tell me were there is free money to be had?. I want to keep the cash for as rainy day fund. I would never expect others to foot the bill, there is a hell of a lot more people out there worse off then me.
 
I think this person just wants to know if having the 5 figure some in their account will work against them asking for another interest only 6 months and if they would be better waiting to get approved for another 6 months before lodging the money
 
I think the simple answer to your question is that, if you lodge your cheque with another institution, your mortgage bank will not know about it.
 
Hi shigllgetcha & Slim
Thank you for your reply's. That is all i wanted to know. I did not simply post that because i was trying to explain my position and did not want anybody thinking i did not want to pay my debts. thanks again
 
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