Split Mortgage review and sick leave

[Rachel18]

Hi,
I'm currently on a split mortgage and it has come up for review, I'm off work on sick leave and am currently getting social welfare, I am waiting on income protection insurance money to come through in 3 weeks from work, between the income protection insurance and social welfare, I will be getting 66% of my wages until I return to work (I will also receive back time which will be a few thousand, had to borrow money from relatives to keep me going the last few months). I'm not sure yet when I ll be returning to work. My question is will the mortgage review be based on what I'm getting paid now and no review for another 3 years, or will they want to do another review once I return to work, it's with pepper financial and I'm not sure on what pepper insurance will say on the back pay I will receive. Thanks

 

[Brendan Burgess]

It will be a tough one for them.

Are you meeting your revised repayments in full at the moment?

You should pull out all the stops to make sure that you adhere to the terms of the split. If you don't, they might deem your mortgage as unsustainable.

If you are not clearly able to meet increased repayments from the split level, it's unlikely that they will try to increase them.

If I were in Pepper's shoes, I would set up for a new review in one year.

Brendan