Hi,
I searched the forums for a similar situation, but haven't found anything since the proposed new CCMA from the Financial Regulator.
I have a tracker mortgage with NIB at a very favorable rate of ECB + 0.5% and have never missed a repayment. However, due to redundancy, a new job on lower money, the income levy, etc, I will soon have to approach the bank to request lower repayments over a longer period. I can afford to continue to reduce the capital, but not enough to redeem the mortgage within the original period of 15 years.
I fear NIB will insist I give up the tracker. I've searched the T&C's of the mortgage agreement and they could be within their rights to do so. However, I hope the proposed updated code of conduct from the Financial Regulator, specifically the clause: "The lender must not require the borrower to change from an existing tracker mortgage to another mortgage type", may help me.
I'd be pleased to hear if anybody has been through such a situation already.
Thanks for all input.
I searched the forums for a similar situation, but haven't found anything since the proposed new CCMA from the Financial Regulator.
I have a tracker mortgage with NIB at a very favorable rate of ECB + 0.5% and have never missed a repayment. However, due to redundancy, a new job on lower money, the income levy, etc, I will soon have to approach the bank to request lower repayments over a longer period. I can afford to continue to reduce the capital, but not enough to redeem the mortgage within the original period of 15 years.
I fear NIB will insist I give up the tracker. I've searched the T&C's of the mortgage agreement and they could be within their rights to do so. However, I hope the proposed updated code of conduct from the Financial Regulator, specifically the clause: "The lender must not require the borrower to change from an existing tracker mortgage to another mortgage type", may help me.
I'd be pleased to hear if anybody has been through such a situation already.
Thanks for all input.