Warehouse Mortgage Interest Free??

REDRUNNER said:

I’ve tried to switch with every bank and CU but my salary now falls short of the criteria needed, original mortgage was 18 years ago, my salary has dropped since the Celtic tiger era. When they hear I have 2 kids if seems to make it completely out of reach in the banks view.
My house is valued at 375,000 our mortgage is 160,000 my salary is 34,000 and my wife who is carer for her mother can’t be taken into account. I’ve been told with the kids we’re now no longer seen as being able to afford it.
The banks forgot to mention the stipulation all those years ago that we shouldn’t start or expand a family.

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CorkHome2022 said:

Did a complaint to FSPO follow ?

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RayRoss said:

Hi Raging Bull.

They are not changing it on any records or files but I can show through correspondence and calculations that they are keeping the interest on the active part of the loan very high to offset what they would be getting on the warehoused amount if interest was being charged.

As for Pepper changing terms unilaterally what came of it?

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Raging Bull said:

No they will get hammered in a PIA instead, if they reject the restructure it goes to a Court appeal. In an appeal the Conduct of a Debtor and Creditor can be reviewed when the Judge decides to approve a PIPs proposal.

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