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Mortgage Trouble

  • 11-11-2013 6:33pm
    #1
    flynny50
    Registered Users, Registered Users 2 Posts: 73 ✭✭


    Hi,

    Looking for some advice on my situation.
    Have a mortgage 900p/m & lost my job few months ago.
    Wife works in civil service & have 1 child.
    Starting to struggle with money & thinking we may miss mortgage payment.
    Should we go in and talk with AIB or what options are available to us?

    Regards


Comments

  • #2
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,690 Mod ✭✭✭✭Stheno


    Yes absolutely.

    You could also contact MABS


  • #3
    smcgiff
    Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    Yes. You need to work out what you can afford. You might be able to go on interest only.


  • #4
    Afroshack
    Registered Users, Registered Users 2 Posts: 429 ✭✭Afroshack


    flynny50 wrote: »
    Hi,

    Looking for some advice on my situation.
    Have a mortgage 900p/m & lost my job few months ago.
    Wife works in civil service & have 1 child.
    Starting to struggle with money & thinking we may miss mortgage payment.
    Should we go in and talk with AIB or what options are available to us?

    Regards

    Definitley tell the bank. If you bury your head in the sand and don't engage it will make them think you're not interested in paying the mortgage at all. Advise them you might miss a few payments but hand them all your Social Welfare docs to prove you are awaiting your money and arrange a repayment plan and stick to it. Just be open and honest and make small, regular payments.(even 50 quid repayment every 2 weeks) Once you fully engage with the repayments it won't be a big deal to them at all.
    On the bright side, you get to spend more time with your child (and possibly save on childcare fees)


  • #5
    Gussyfc
    Registered Users, Registered Users 2 Posts: 5 ✭Gussyfc


    If you engage and keep paying even a portion of it then you are safe. Definitely engage with them but don't bow to pressure to sell if your house is worth more that you owe. They will want to clear the debt especially if you are on a tracker. There is very little they can do if you keep paying, especially if you can keep on top of the interest payments. Also there are some very good people that can help if you want to PM me after you talk to the bank.


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