Ecoprincess
Registered User
- Messages
- 3
Has anyone any experience of Ulster Banks 5 year deal.
1. you extend your mortgage for 3 years so in my case from 2025 to 2028
2. you pay 1% interest for 5 years
3. after the deal you go back to your interest and capital
4. my mortgage is in three loans
One is a tracker due to run out in 2014,
the other two are fixed at 5.39 % fixed to 2017 and
4.69 % fixed to 2016
I have a 75k mortgage outstanding and have already had one 6 month moritorium, and two seperate years of interest only. I had just verbally agreed an extra year of interest only and a small amount of capital and was awaiting the confirmation in the post today - which hasn't arrived.
Then UB contacted me yesterday with a very hard sell of this new idea. The customer service person was quite adamant that if I said yes now, I wouldn't have to sign anything !
I would lose most of my TRS 9.21 pm and most of Mortgage Interest Relief 32.80pw, I'm on the dole 188 pw, leaving me with an extra 3.00 per week in my pocket bringing my lose change for petrol etc to 16 pw.
I am concerned about how much interest would be added to the 3 year extended period, if I would lose my tracker, how much I would be paying back in total and how much per month my repayments would be if I was lucky enough to get work again.
I'm in negative equity with the estimated value of the property at €50,000. Needs lots of renovation still.
Can anyone help with advice and calculations ?
1. you extend your mortgage for 3 years so in my case from 2025 to 2028
2. you pay 1% interest for 5 years
3. after the deal you go back to your interest and capital
4. my mortgage is in three loans
One is a tracker due to run out in 2014,
the other two are fixed at 5.39 % fixed to 2017 and
4.69 % fixed to 2016
I have a 75k mortgage outstanding and have already had one 6 month moritorium, and two seperate years of interest only. I had just verbally agreed an extra year of interest only and a small amount of capital and was awaiting the confirmation in the post today - which hasn't arrived.
Then UB contacted me yesterday with a very hard sell of this new idea. The customer service person was quite adamant that if I said yes now, I wouldn't have to sign anything !
I would lose most of my TRS 9.21 pm and most of Mortgage Interest Relief 32.80pw, I'm on the dole 188 pw, leaving me with an extra 3.00 per week in my pocket bringing my lose change for petrol etc to 16 pw.
I am concerned about how much interest would be added to the 3 year extended period, if I would lose my tracker, how much I would be paying back in total and how much per month my repayments would be if I was lucky enough to get work again.
I'm in negative equity with the estimated value of the property at €50,000. Needs lots of renovation still.
Can anyone help with advice and calculations ?