Mortgage Freeze

BOOKWORM.1

Does anyone know please:

Are the majority of people successful in applying for a mortgage freeze?

If successful does it take long to process the application?

crossmolinalad

got it in one week
see my other post
http://www.boards.ie/vbulletin/showthread.php?t=2055721980

restaurants

BOOKWORM.1 wrote: »

Does anyone know please:

Are the majority of people successful in applying for a mortgage freeze?

If successful does it take long to process the application?

Have a word with a mortgage advisor.
Those guys have the inside track.

stepbar

You would have to prove a case of hardship for the bank to allow you to go interest only on your mortgage. Being made unemployed would probably be one such circumstance.

jimoc

When I took out our mortgage about 7 years ago we were told there was 3 years of interest only payments that we could take at any time we wanted, we just had to let the bank know and they would send us a letter to sign and that would be it.
We did for Chrimbo about 4 years ago with no problems.

Fast forward into 2009 recession territory and wife loses her job.
I ring the bank to get it interest only again and have to spend 30 minutes on the phone giving every detail of every penny that comes in and goes out of the house before they would even consider passing it to a committee to decide on :mad:

So now that people need help from the banks more then ever, they just made it harder to get it.
Of course getting angry with the girl on the phone would be well out of order, as she said herself, 'they just get told by people on much bigger salaries then them what to do and never get explanations of why'

We did end up getting put on interest only, but now they only do it for 6 months at a time and then it needs to be reviewed again.

So if you're in any bit of difficulty or feel you might be in a month or two, make sure you ring your bank before it gets urgent, as it does take a while to process now.

namloc1980

jimoc wrote: »

When I took out our mortgage about 7 years ago we were told there was 3 years of interest only payments that we could take at any time we wanted, we just had to let the bank know and they would send us a letter to sign and that would be it.
We did for Chrimbo about 4 years ago with no problems.

Fast forward into 2009 recession territory and wife loses her job.
I ring the bank to get it interest only again and have to spend 30 minutes on the phone giving every detail of every penny that comes in and goes out of the house before they would even consider passing it to a committee to decide on :mad:

So now that people need help from the banks more then ever, they just made it harder to get it.
Of course getting angry with the girl on the phone would be well out of order, as she said herself, 'they just get told by people on much bigger salaries then them what to do and never get explanations of why'

We did end up getting put on interest only, but now they only do it for 6 months at a time and then it needs to be reviewed again.

So if you're in any bit of difficulty or feel you might be in a month or two, make sure you ring your bank before it gets urgent, as it does take a while to process now.

Why is this such a big problem? Mortgage holders owe significant sums of money to their Banks and it's only right that the Bank asks questions when a change of terms is requested.

If someone owed you alot of money and they wanted to change the terms of what they pay you, you'd ask questions too.

stepbar

jimoc wrote: »

When I took out our mortgage about 7 years ago we were told there was 3 years of interest only payments that we could take at any time we wanted, we just had to let the bank know and they would send us a letter to sign and that would be it.
We did for Chrimbo about 4 years ago with no problems.

Fast forward into 2009 recession territory and wife loses her job.
I ring the bank to get it interest only again and have to spend 30 minutes on the phone giving every detail of every penny that comes in and goes out of the house before they would even consider passing it to a committee to decide on :mad:

So now that people need help from the banks more then ever, they just made it harder to get it.
Of course getting angry with the girl on the phone would be well out of order, as she said herself, 'they just get told by people on much bigger salaries then them what to do and never get explanations of why'

We did end up getting put on interest only, but now they only do it for 6 months at a time and then it needs to be reviewed again.

So if you're in any bit of difficulty or feel you might be in a month or two, make sure you ring your bank before it gets urgent, as it does take a while to process now.

what bank was this? I find this hard to believe (i'm not questioning what you've said but more so the person who told you this).

stepbar

To add to that i know the banks are dealing with a lot of people who are in bad spaces at the mo and trying their best to facilitate but its tough in truth.

unclebill98

namloc1980 wrote: »

Why is this such a big problem? Mortgage holders owe significant sums of money to their Banks and it's only right that the Bank asks questions when a change of terms is requested.

If someone owed you alot of money and they wanted to change the terms of what they pay you, you'd ask questions too.

Riiight, when your faced with a loose of your income and want to get a payment break or interest only option then you will understand why people feel that banks should be helping them out. No one should have any issues with being asked questions why. Back in the good aul days your could take a payment break cause you wanted to go travel or if you wanted to go back to college or even if you just felt like it.

Now it must be serious. Either job loose or serious illness. If your unlucky enough to have to ask you get meet with a barage of silly questions that really have no bearing on your actually situation. For example.....

1: Bank: So, your not working, why not go get a job up in Dublin..... This was said to someone living in Cavan.

2: There are houses beside you going for 120k, that leaves you in massive neg eq so where not going to give you a payment break cause well, it will just make matters worse. So you can have a interest only option, Yes I understand you've only 150 left to pay your 350 interest only payment, but I'm afraid there is nothing we can do.

The above are examples of how banks are treating there loyal customers. Banks are being pumped full of our money.

So to the OP, its hard to get anything you want. The Irish owed banks will fight hard to keep you paying and the Overseas owned banks will simply fight harder.

Rant over....

jimoc

namloc1980 wrote: »

Why is this such a big problem? Mortgage holders owe significant sums of money to their Banks and it's only right that the Bank asks questions when a change of terms is requested.

If someone owed you alot of money and they wanted to change the terms of what they pay you, you'd ask questions too.

I possibly came over a bit strong in my post, its very hard to get inflections into a written message.
I had no problem asking the questions and was dealt with very courteously by the person at the other end.
The problem I had was that when we took out the mortgage in the middle of the boom times we were told '3 years interest only, any time you want to avail of it just ring us up'. The first time we did it, it was 'here's the form, sign it, send it back'
Now, when more people will obviously be making use of this facility, they make it more difficult for you by requiring that you go through every single incoming and outgoing amount per month before they will even consider looking at your case.

The exact phrase that the girl used when I asked her about it was 'this is a policy change that was passed down to us by management, we werent told why'

also, we weren't changing the terms of the payment, we were just taking advantage of a facility that they (IIB now KBC) has put in place as part of our mortgage deal, that we were now expected to justify, when before we didn't have to.

BOOKWORM.1

We approached the bank yesterday and they told us that they would have to do a full financial review on both of us and anybody else that was contributing to the household. They're looking for bank statements, pay slips, P60's, and a list of other debts we have. And at the end of all that we're not guaranteed they will oblige a short term freeze.

BOOKWORM.1

After handing over the sun, moon and stars in paperwork we received a letter in the post this morning telling us that the bank have lost our documents and we will have to submit them all again so our proposal can go forward for consideration. Where would you ever hear the likes of it:rolleyes:

We have a mortgage payment tomorrow and we though (stupidly) that the freeze would by now be in place and this month would not have to be paid.

jimoc

Did you send the documents by registered post?
Especially with things like your P60 etc enclosed, this is something you definetly don't want lost in the post.

Alternatively, the paranoid side of me says that the bank actually HAS all your documents, they are just sending out that letter to delay it another month and get more money out of you :rolleyes:

But no banker would be that unscrupulous, they are all honest people

BOOKWORM.1

Hi Jim, yes all was sent by registered post. The person who signed it said they gave it to the individual but the person in question is saying they didn't get it. The whole thing is a mess from start to finish. We are getting no were over the phone so we're going into the bank this afternoon.

jimoc

Just grab the manager and the two people involved by the ears and make them stare at each other until one of them breaks down and admits they are lying!.

works on my nephews and they are as intelligent as most bankers

Toots

jimoc, constructive posts only please.

BOOKWORM.1

I suppose all you can do is laugh considering the situation is so crazy.

Went into bank yesterday and got the bare apology. Was told it could take a couple of weeks before a decision is made:rolleyes:

jimoc

Did you get any information from them as regards what they did with your original application?

If you can get all the documentation together again I would make photocopies of them, take them into the bank and hand deliver them to the bank manager himself, with a witness and get him to sign something saying he had recieved them.

Its very easy for them to say that 'ohh I gave them to x, y, or z' and have x, y or z say they never got them, its quite another for them to say that after you hand them directly to the person involved.
After all this is someones life they are messing around with, they need to be a bit more responsible.

BOOKWORM.1

Jim, no there was no proper explanation at all. We may as well have been talking to the wall. They said it could take up to three months for a decision on freeze and we need to keep paying the mortgage in the interim even though we told them we are having difficulties.

parsi

Document everything, keeps copies of everything.

Contact (in writing) their Customer Service Office - these usually seem to be responsive. Have a concise cover letter which sets out the broad strokes of what happened and attach a detailed and coherent timeline of events.

No point in eating the face of the phone-answerer (however attractive that sounds) - they are just a cog in the machine and can't really influence what has happened. At the end of the day they are probably just as frustrated as you.