Warehoused Mortgage with KBC now BOI

[offalydub]

First time poster.
Hi currently we a have warehoused mortgage originally with KBC now with BOI. Active Mortgage is 70k Warehoused is100K. No understanding of how that works. If we pay the 70k off quicker are we then expected to start the 100K with interest or do we pay if off when it ends. House value about 290k. possible have 50k in cash soon so not sure how to make that work the best for us. Anybody in the same situation dont even know the T&C'S with a warehoused portion. Thanks

 

[Sconeandjam]

The warehouse is always payable but you may get a discount fill you clear the warehoused part quickly. Your bank will keep asking you to submit a statement of affairs so they know if you can afford to repay more.

 

[Brendan Burgess]

@offalydub


In usual circumstances , I don't think that BoI pay much attention to the review. So if you want to keep your warehouse until the end, you probably can.

If you pay the €50k off, they will probably set it against the active part.

But that is more likely to trigger an active review where they move €50k or more to the active part.

AIB gives a discount for clearing the warehouse, but BoI does not.

People should do their own review. if you pay €50k capital off the €170k mortgage, would you be able to meet the full repayments on €120k active?

If so, it might be worth doing to start cleaning your credit record.

Brendan

 

[offalydub]

@offalydub


In usual circumstances , I don't think that BoI pay much attention to the review. So if you want to keep your warehouse until the end, you probably can.

If you pay the €50k off, they will probably set it against the active part.

But that is more likely to trigger an active review where they move €50k or more to the active part.

AIB gives a discount for clearing the warehouse, but BoI does not.

People should do their own review. if you pay €50k capital off the €170k mortgage, would you be able to meet the full repayments on €120k active?

If so, it might be worth doing to start cleaning your credit record.

Brendan

Thanks for your reply,

This I what i am afraid of that they might decide to make the rest owed 120k as an active mortgage again which we don't want. Hard to know what to do.