Soon unable to pay PTSB mortgage!

M

maxwl

Registered User
Messages
22
Hi

I am not certain if I am in the correct forum here. If not, hopefully someone can point me in the right direction.

I am 60 years of age and am 14 years into a 25 year mortgage with PTSB. (I know, I started late). Therefore I will finish my mortgage payments at 71 years of age! I have been unemployed for some years now, and have been in some ill health, but I have been able to maintain my mortgage payments so far as I had some savings and have also been extremely careful with any money I had. Still having 11 years to go with my mortgage and now at 60 years of age with a lessening likelyhood of obtaining decent employment will mean some difficult years ahead.

My savings have now run out and I soon won't be able to maintain full mortgage payments into the future. Very soon I will have to contact PTSB and explain my situation and hopefully come to some suitable arrangement.

What I'm wondering here is what options are PTSB likely to offer me in my situation. I have read here and elsewhere that PTSB can be difficult to deal with. I know I will find this out soon enough when I contact PTSB but I just would be interested in being somewhat pre-prepared and have some idea about what to expect.

Has anyone here been in a similar situation? What kind of position where they put in by PTSB? Or does anyone from Askaboutmoney.com have some advice about PTSB? By the way I am not in negative equity.

Thanks in advance for any help.
 
Brendan, thanks for reply.
Apologies for repeat query, I forget I sent these things sometimes.

Are PTSB likely to offer me the option of interest only these days? I thought they were more strict now. If they do, how long would this option apply for?

Thanks again.
 
Maxwl - contact the bank and ask to be considered for interest only. If they refuse, cancel your direct debit mandate and set up a standing order for the interest only portion.

The bank will then see you as being in arrears and will be forced to use the MARP process, which should work in your favour based on the circumstances you describe.

Whatever you do, don't sit around for another year struggling.

as always - IANAL!
 
You must log in or register to reply here.
Back
Top