bank wont restucture mortgage?

lightspeed

hi my dad is on disability and myself and my brother are paying most of the mortgage on the house. There is about 5 years left on it and my brother wants to move to the states. So its going to be left to me and the father to continue the repayments on the mortgage. we thought we could restructure it for another 12 years but the bank wont restructure it past the retiring age of 65 and my father is 59 years old. I cant believe there is no legislation or anything to force the banks to work with us on this matter. All the money gone to the banks they just tell us till hell with you struggle beyond belief or we will take the house. is their anybody i could contact about this?

drunkmonkey

Could the house be signed over to you and you take out a more suitable mortgage contract length on it in your own name?

lightspeed

i dont think so cause i only earn gross 20,000 a year and little over a year ago i had to restructure and small loan when i was made redundant from my previous job. i paid off the loan i had after just a few months when i got my redundancy payment and im now in the job im in over a year but a few months ago i tried to get a credit card juat for shopping online and was told i couldnt because i had a bad credit rating cause i restructerd a loan which seem pretty unfair since i repaid the amount in full just over 3 months later and restructered in it when i was unemployed. im attending college in the evenings as weel which im going to find hard to finance next year if i have to pay much more to the mortgage.

davgtrek

Is it a case that you have to miss a payment and go into arrears before the banks internal mechanisms get put into action and they probably have to legally re-structure or come up with some plan !

ANXIOUS

What bank is it with?

Kennie1

davgtrek wrote: »

Is it a case that you have to miss a payment and go into arrears before the banks internal mechanisms get put into action and they probably have to legally re-structure or come up with some plan !

One person with bad credit is enough.

Ignore the local branch deal directly with there arrears department in therir head office and tell them your fathers situation and threaten them with missed payments, your father will need to complete an income expendature statement and this should do the trick

marywary

The banks all have to follow a code of conduct regarding mortgages, be it when someone falls into arrears or falls into the category of pre-arrears, don't know who your bank is but you should go back to them again and ask them to come up with a mutual solution, especially as you only have 5 years left on the term as it stands. If the mortgage is only in your dads name then he may be able to get help from the state with the interest on the loan ie. mortgage interest supplement. As the mortgage has only 5 years left to run I'm guessing the interest amount is probably small but anything to help. Maybe go to your local welfare office to check this out, but I'd definitely go back to the Bank.
Regarding your credit card application, your credit rating may be poor if you missed repayments on your loan originally, even though you paid off the loan in full. You should ask your Bank if your credit report reflects that your loan is repaid and if it doesn't then you should ask them to update it. Unfortunately, if you miss payments on a loan and then resume payments and pay off the loan in full, the fact that there were arrears will show on the irish credit bureau for many years. Many people don't realise this. Ulster Bank do a visa debit card by the way which is not a credit card, you can only spend whatever funds are available in your account, so can't run up an unauthorised debt.
No, I don't work for them either!