to default or not to default - mortgage

[dee1finn]

i am a single person 43 years old with a mortgage of 230k remaining, term 17 years, on a variable rate with ebs. my issue is the monthly payment is now over 1600 euro which i cannot sustain. i have offered to pay 1300 per month and requested them to shelve the outstanding portion. they refused and i appealed and they refused again all by written correspondence they would not discuss matter in person. i pay a weekly repayment to credit union of 45 euro. they insist mortgage must take priority but credit union is my life line as i have no capacity to save anymore. i have never defaulted on my mortgage and am not in negative equity. but unless i stop paying utility bills cannot manage this amount all advice greatly appreciated

 

[abagail]

i am a single person 43 years old with a mortgage of 230k remaining, term 17 years, on a variable rate with ebs. my issue is the monthly payment is now over 1600 euro which i cannot sustain. i have offered to pay 1300 per month and requested them to shelve the outstanding portion. they refused and i appealed and they refused again all by written correspondence they would not discuss matter in person. i pay a weekly repayment to credit union of 45 euro. they insist mortgage must take priority but credit union is my life line as i have no capacity to save anymore. i have never defaulted on my mortgage and am not in negative equity. but unless i stop paying utility bills cannot manage this amount all advice greatly appreciated

Interest rates are low now: if you cannot afford the mortgage now have you considered what things may be like in 3 or 4 years time, with more than likely higher interest rates, water charges, prop. tax etc?
You say however you are not in negative equity. As you are single have you considered downsizing to take off the financial pressure?