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Mortgage Query

  • 19-04-2011 12:00pm
    #1
    mama79
    Registered Users, Registered Users 2 Posts: 65 ✭✭


    Hi

    Hoping someone can help me out..My husband's unemployed and has come to the end of this stamps for Jobseekers Benefit. Today he was informed that his payments have been cut down to the princely sum of €48.50 a week as i'm working full time. They ask you for all the information regarding mortgages & loans but he was told today that they don't actually take that into account when deciding your jobseekers allowance amount. So here we are now having to go to the bank to look for interest only on the mortgage. However my biggest fear is that as we have a tracker mortgage the bank (TSB) will try to take it off us in exchange for temporarily reduced mortgage payments...anyone know if they can actually do that?

    Appreciate any advice...


Comments

  • #2
    sfk
    Closed Accounts Posts: 2 ✭sfk


    My understanding that the government COP for banks precludes them from moving customers off trackers if they need to change repayment terms for a period of time.


  • #3
    mama79
    Registered Users, Registered Users 2 Posts: 65 ✭✭mama79


    Hi thanks a million for that...just wanted to have the lay of the land before I go and meet the bankers....


  • #4
    broker2008
    Registered Users, Registered Users 2 Posts: 750 ✭✭✭broker2008


    in the old days , they would have persuaded you to take out a pension, a savings plan and home insurance in return..:o


  • #5
    Dabouche
    Registered Users, Registered Users 2 Posts: 33 ✭Dabouche


    Hi,
    As of the 1st of January the Gov introduced the CCMA - code of conduct on MTG arrears. There are a number of guidelines set out as to how banks have to deal with either customers who are in arrears or customers who advise that they at risk of going into arrears. A consumer copy of this should be available to download from the Central Bank website and on your banks own website.
    Providing it is a homeloan there is no way that the bank can take your tracker off you. This is one of the clear guidelines set out.

    Hope this helps


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