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Is it easy to change mortgage provider

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  • 13-03-2012 4:51pm
    #1
    Outkast_IRE
    Registered Users Posts: 7,515 ✭✭✭


    Basic situation is Parents have mortgage. Had to take a break from paying it as car accident and subsequent surgery meant father was out of work and agreed 2 years interest only with bank.
    Now the Mortgage resumed as normal this janurary but when all added up after the interest only period , the bank is stating that 80,000 is owed at 800 a month repayments with PTSB would it be easy to change provider


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    #2
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    Outkast_IRE wrote: »
    Basic situation is Parents have mortgage. Had to take a break from paying it as car accident and subsequent surgery meant father was out of work and agreed 2 years interest only with bank.
    Now the Mortgage resumed as normal this janurary but when all added up after the interest only period , the bank is stating that 80,000 is owed at 800 a month repayments with PTSB would it be easy to change provider

    Very few banks are willing to take on another banks debt i.e. switching from one mortgage provider to another. AIB don't get involved in these type of transactions anymore and BOI will only consider where loan to value is less than 50%. Also if they were to switch they'd need to factor in legal fees etc. If the repayments aren't affordable but the bank aren't willing to offer a further interest only option then I'd suggest your Dad contact ptsb with a view to agreeing a part capital & interest repayment amount agreeable to all.


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    #3
    homer911
    Registered Users Posts: 5,118 ✭✭✭homer911


    Term? Rate? Equity value?

    How sustainable is 800 a month?


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