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Mortgage problems - just pay back 66% of interest per month...

  • 18-11-2010 3:22pm
    #1
    sunflower27
    Closed Accounts Posts: 4,822 ✭✭✭


    Hi there

    Has anyone heard about this? I saw it on the news late yesterday. BAsically several banks have agreed to some policy that if you are struggling financially you only have to pay back 66% of the interest owed monthly and can do so for a total of 5 years.

    I'd have thought this would be a huge story but I have not been able to find much on it.

    Does anyone have any links or info?


Comments

  • #2
    Rabidlamb
    Banned (with Prison Access) Posts: 2,202 ✭✭✭Rabidlamb


    I read about it yesterday but doesn't seem to flesh out specifics.
    Say my mortgage payment was €1,200 of which €900 was interest.
    Does this mean I can pay just €600 for up to 5 years essentially as interest only ?.
    What happens to the unpaid interest of €300 per month ?.
    Does it go back on loan to kick back in when you return to normal ?.

    Do you still qualify for TRS or MIS if your claiming welfare ?.
    No enough detail.


  • #3
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,690 Mod ✭✭✭✭Stheno


    I think this a potential proposal that is being drafted by an advisory group to the government where basically, a portion of your mortgage (e.g. 1/3) will be "parked" for a period of time and pay back the interest on the other 2/3. There have been a few articles in the newspapers about it.


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