Quick Mortgage Question

Moylaragh

Quick Mortgage Question...

I am with EBS. I am a few years into the mortgage but I have lost my job. My husband is working.

I didnt want to take the interest only option and wanted a more long term plan.

I asked EBS to recalculate my mortgage back to lower repayments.

They said they cannot beyond 35yrs. Is that true?

I rang the financial regulator and was told that that is not a reg decision its a EBS commercial choice.

EBS wont budge on this issue.

Any advice very welcome..

lazygal

Moylaragh wrote: »

Quick Mortgage Question...

I am with EBS. I am a few years into the mortgage but I have lost my job. My husband is working.

I didnt want to take the interest only option and wanted a more long term plan.

I asked EBS to recalculate my mortgage back to lower repayments.

They said they cannot beyond 35yrs. Is that true?

I rang the financial regulator and was told that that is not a reg decision its a EBS commercial choice.

EBS wont budge on this issue.

Any advice very welcome..

The EBS can set its terms as you are changing the mortgage contract by wanting to differ from the original agreement. Its standard practice now for 30-35 year terms and your mortgage will be classed as risky given your circumstances.
Bottom line, its contract law, you want to change the contract, so EBS can do what it likes, within the law.

Anomic

Why not ask them to restructure onto interest only for one year, to allow ye a bit of breathing space and to restart capital & interest payments after the year is up.

lynsalot

Could u switch your mortgage to another provider who'd allow u to do this? I'm with EBS aswell - big mess with ex and separation and EBS can't budge on ownership or sale of the place so i Know all about it lol

LegacyUser

Op, Im with EBS too, and I have found them very helpful.

In the past year, I've lost a job but been re-employed in a much lower paid job. I'm also a single parent. Over the past year, I got myself 3grand in arrears. I recently wrote to them, explaining my situation and telling them I had been in contact with MABS, SVP and other organisations who were willing to offer me assistance with my circumstance.

They have come back to me and added the 3 grand arrears onto my full mortgage (therby clearing my arrears) and given me 5 months interest only, which is a huge help.

My advice would be to plead your case. It took me a while to admit to them that I was facing such financial difficulty. I regret that now, because I put myself through months of stress. Plead your case again OP, see what they say. Best of luck.

Moylaragh

Thanks a mil for all the advice.

I think we are going to have to ask for interest free for a while.. then look at the situation.

Thanks again for you advice. Its even nice to know others have had to do this too. x