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Trying to get Interest only from Permanent TSB

  • 01-02-2011 11:54am
    #1
    boatbuilder
    Registered Users, Registered Users 2 Posts: 624 ✭✭✭


    Just wondering if anyone has some advice for me.

    It would help me at the moment if I could pay interest only on my mortgage for a while ( a year or so would be great). This would allow me to pay off other higher interest debts (credit card) sooner.
    I have a good credit rating, never missed any payments.

    Whats the best way to approach Permanent TSB about this?


Comments

  • #2
    gogo
    Registered Users, Registered Users 2 Posts: 1,452 ✭✭✭gogo


    boatbuilder wrote: »
    Just wondering if anyone has some advice for me.

    It would help me at the moment if I could pay interest only on my mortgage for a while ( a year or so would be great). This would allow me to pay off other higher interest debts (credit card) sooner.
    I have a good credit rating, never missed any payments.

    Whats the best way to approach Permanent TSB about this?

    Its a standard enough request, just ask them. They mightnt approve a year, 3 to 6 months is standard. Remember though what your not paying now is added on to the end of the mortgage and you'll pay more in the long run.


  • #3
    boatbuilder
    Registered Users, Registered Users 2 Posts: 624 ✭✭✭boatbuilder


    Thanks...have arranged a meeting with them.

    Any idea offhand roughly what kind of difference this could make to monthly payments? Say for example with a €1000 per month mortgage.


  • #4
    gogo
    Registered Users, Registered Users 2 Posts: 1,452 ✭✭✭gogo


    Would have to know the balance and the rate.


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