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joint mortgage...mate can't pay?

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  • 18-01-2010 5:28pm
    #1
    dego99
    Closed Accounts Posts: 4 ✭


    Hi
    I was just wondering if anyone has any advice .I'm bought an apartment with a friend 3 years ago, preety soon he won't be able to pay his half of the mortgage (own buisness that's folded)...even thou i'm still working can we ask the bank (bank of ireland) to switch to interest only or do i have to pay the whole lot????
    Any advice woulkd be really helpfull.
    Thanks


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    #2
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    Did you get two separate mortgages or is it one joint mortgage?

    Assuming it's joint, yes you can ask the bank to switch to interest only, though many banks are only providing this facility on a short-term basis.


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    #3
    Priapus
    Closed Accounts Posts: 114 ✭✭Priapus


    This genuinely is a tricky situation to know which way the bank will go.

    You should get in contact with the bank, tell them the situation and ask if you can go interest only for 6 months. They will prefer this than you guys missing payments. That is not good for their books. This is in reality best case scenario.

    However the reality is it is a joint mortgage and you are treated by the bank as a married couple would be. They would expect a married couple to continue to pay the full mortgage if one of them lost their job. And they may very well expect the mortgage to be met.

    Bottom line is they do not want mortgages going into arrears. So if they tow are hard line initially remember that they are just trying their very best to get the full monthly repayment made. If it comes to it, they will reduce the monthly repayments.

    Good luck with it!


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    #4
    monkeypants
    Closed Accounts Posts: 2,386 ✭✭✭monkeypants


    Priapus wrote: »
    They would expect a married couple to continue to pay the full mortgage if one of them lost their job.
    When I lost my job they didn't insist that we kept paying the full amount. Which was good, as we would have had to give up things like eating to meet the payment on her salary alone. We've come to an arrangement and we're able to stick to it.


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