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Asking Bank for a mortgage holiday/reduced payments because your relocating

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  • 27-01-2012 1:19pm
    #1
    BreffniWeffni
    Closed Accounts Posts: 8 ✭


    Hi All
    SEEKING PERONAL EXPERIENCES ONLY - NOT FINANCIAL ADVICE!!

    I am meeting my bank in 2 weeks time to discuss either a mortgage holiday or mortage reduced payments/interest only, or both!

    I have the offer of permanent work in UK in a very steady institution.
    Which means it will cost me to relocate from my very steady job in Ireland.

    Has anyone been in this position and if so how did it work out for you when you went to the bank?

    Cheers
    BW


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    #2
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    BreffniWeffni wrote: »
    Hi All
    SEEKING PERONAL EXPERIENCES ONLY - NOT FINANCIAL ADVICE!!

    I am meeting my bank in 2 weeks time to discuss either a mortgage holiday or mortage reduced payments/interest only, or both!

    I have the offer of permanent work in UK in a very steady institution.
    Which means it will cost me to relocate from my very steady job in Ireland.

    Has anyone been in this position and if so how did it work out for you when you went to the bank?

    Cheers
    BW

    Internet forums mean you cant really choose the advice you get. So you want to move from a steady job in Ireland to a steady job in the UK and want a payment holiday. I would imagine chances are slim to none.


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    #3
    Pythia
    Registered Users Posts: 7,469 ✭✭✭Pythia


    Why would you move if you have a steady job in Ireland?

    You need to consider a lot of things like how long you will be gone for and if you intend to leave your house vacant or not. I believe renting it out for a few years will expose you to some capital gains tax on the sale as it wasn't always your PPR.

    The bank will probably say no as you seem to be doing this for no reason other than because you want to move country. Things don't work that way.


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    #4
    BreffniWeffni
    Closed Accounts Posts: 8 ✭BreffniWeffni


    Hi folks
    I figure you are probably right and I certainly wont get a mortgage holidays so may have to just review the terms of the loan somewhat - will see what they say - meeting them next Friday. I guess I am moving because I feel a bit trapped in a job with payfreeze/no real prospects for next 5 years plus an apartment we cant live in for too much longer because of its size. My partner is from UK and seems like a sensible alternative. I am sure I am one of thousands in the same boat and I would rather act on the problem and than feel frustrated for another few years. Lets see what happens...


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