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Long Term Moratorium on Mortgage

  • 13-07-2012 9:12am
    #1
    BlackEdelweiss
    Registered Users, Registered Users 2 Posts: 1,549 ✭✭✭


    I have been offered a job in New Zealand and may have no other choice but to move. Both my wife and I and on the dole but still meeting the mortgage by using the childrens allowance.
    If we move I will not be earning enough to live there and pay any shortfall left by renting and like most others we are in negative equity so selling is not really an option.
    Is there any chance the bank would offer us a moratorium for a year or two that would allow us the chance to get settled and possibly allow the housing market to rise a little so we could sell at not too much a loss.


Comments

  • #2
    Liam D Ferguson
    Registered Users, Registered Users 2 Posts: 542 ✭✭✭Liam D Ferguson


    It would be unusual that any lender will give you a moratorium on the mortgage repayments for longer than a number of months - perhaps 3 - 6.

    Could you rent out the property and use the rent to service the mortgage?


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