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Moratorium from Mortgage advice

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  • 05-03-2019 3:13pm
    #1
    Jerry5
    Registered Users Posts: 10 ✭


    I took a 3 month break from my mortgage when we had a new arrival, I am now in the process of applying for a new mortgage to move home.

    My mortgage is with BOI and they advertise on their website that this is a feature of their mortgages. What they didn't tell me was a credit event would be created on my icb file which is now giving me difficulty getting credit.

    Is there anything I can do in this position?

    I would never have taken the break if I had have known, I wasn't in any financial difficulty, I just thought it would be nice to have a break while the other half was on maternity leave.

    Thanks,

    John
    Tagged:


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    #2
    Thoie
    Registered Users Posts: 6,344 ✭✭✭Thoie


    Have you spoken to the bank, and confirmed that the "credit event" was recorded correctly? If you'd officially applied for, and been granted, the 3 month break, maybe someone just incorrectly listed it as missed payments somewhere, in which case it could be corrected.

    Do you have any paperwork from the time you were taking the break, showing that it was approved in advance?


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    #3
    lbc2019
    Closed Accounts Posts: 2,291 ✭✭✭lbc2019


    Well it would be a break in payment. Lenders would surely look more favourably on those that do not require one. How do you think it should be recorded?


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    #4
    cruizer101
    Registered Users Posts: 3,205 ✭✭✭cruizer101


    lbc2019 wrote: »
    Well it would be a break in payment. Lenders would surely look more favourably on those that do not require one. How do you think it should be recorded?

    I'd say a lot of people would get one who don't require it but it doesn't stop it being a nice feature to avail of.
    When we were looking for mortgage AIB offered it and we were tempted as it would have been nice to skip the first payment or two while we had to but a lot of stuff for house.

    How do you think it should be recorded?
    I don't think it should be recorded against your credit rating.
    It is a lot different to missing payments.

    OP Have you questioned the bank about it at all? That would be first port of call.

    The suspicious part of me wonders is it a way of a bank preventing a customer from leaving, offer a feature that messes with your credit rating.


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    #5
    lbc2019
    Closed Accounts Posts: 2,291 ✭✭✭lbc2019


    Im sure its not the same level as a missed payment but payment holidays increase the cost of your mortgage


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    #6
    cruizer101
    Registered Users Posts: 3,205 ✭✭✭cruizer101


    Not the one I was offered in AIB, it pushed out the length of the mortgage but no interest was accrued during the break period so the total paid back would be the same with or without the break.


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    #7
    Prospector1989
    Registered Users Posts: 212 ✭✭Prospector1989


    The OH had a credit event created on the ICB after rearranging credit union loan repayments from weekly to monthly. In error, the credit union never updated the ICB (or however that is supposed to work). This 'event' was flagged during our mortgage application, a letter from the credit union explaining their error cleared things up, so mistakes can happen.


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    #8
    Jackhammer9
    Closed Accounts Posts: 14 ✭Jackhammer9


    cruizer101 wrote: »
    Not the one I was offered in AIB, it pushed out the length of the mortgage but no interest was accrued during the break period so the total paid back would be the same with or without the break.

    I'm dealing with AIB atm

    There seems to be a lot of Hustlers and bluffers working for them


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    #9
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    This should not affect your credit rating or hinder you when you apply for a new mortgage. Are you staying with BOI for new mortgage? If moving you must have some correspondence from BOI granting you the payment holiday and this can be explained when applying for a new mortgage.


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