Short term interest only repayments

If we apply for an interest only repayment type arrangement for 6 months are there credit rating implications? Are there any other implications?

If you reschedule your loan, it does not affect your actual credit score, but it is noted on the file.

It's certainly a lot better to reschedule by agreement than to go into arrears.

Brendan

I am looking to re-enter the workforce after having a very lengthy break for cancer treatment. Options are limited for me personally, but I have identified a good route to employment which involves doing part-time postgraduate studies for 1 year.

Spouse and I pay a PTSB monthly residential mortgage payment of €1,160 and we have not missed any payment in 8 years and there are no arrears or restructuring to date.

It would be easier on us to go interest only for 1 year while I am still not earning, rather than spouse using up savings. I see it as just adding 1 year to the mortgage term, currently 22 years left, about €275k left on a tracker mortgage ECB +1.68. We could always pay a lump sum from her at the end of my study or when I begin to earn salary. The bank is completely unaware of my illness or employment history since the mortgage drawdown.

What are the pros and cons of applying for interest only in my situation?