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Payment break - mortgage AIB

  • 05-02-2021 8:51pm
    #1
    heldel00
    Registered Users, Registered Users 2 Posts: 1,832 ✭✭✭


    I spoke to mortgage advisor during the week about a separate issue and before we finished conversation i just asked about taking one month break from mortgage (plan on taking unpaid mat leave).
    Naively i thought it was jst a case of saying "stall the ball for one month" but she said it's actually quite difficult and plenty of paperwork needed.
    We have actually always overpaid on mortgage but she said a break is far from guaranteed.
    Does anyone have any experience in getting one from AIB?


Comments

  • #2
    Buddy Bubs
    Registered Users, Registered Users 2 Posts: 4,473 ✭✭✭Buddy Bubs


    heldel00 wrote: »
    I spoke to mortgage advisor during the week about a separate issue and before we finished conversation i just asked about taking one month break from mortgage (plan on taking unpaid mat leave).
    Naively i thought it was jst a case of saying "stall the ball for one month" but she said it's actually quite difficult and plenty of paperwork needed.
    We have actually always overpaid on mortgage but she said a break is far from guaranteed.
    Does anyone have any experience in getting one from AIB?

    Why not get a personal loan for the value of mortgage payment? What is it, somewhere between 500 and 1500?
    Skipping mortgage seems like a very roundabout way to get your hands on a small amount of money.


  • #3
    heldel00
    Registered Users, Registered Users 2 Posts: 1,832 ✭✭✭heldel00


    I honestly just thought it was very straightforward. It's a minimal enough amount so I'll manage but we just have a lot coming up in that particular month (hopefully if restrictions lift). I'll prob just leave it to be honest but it would have helped.


  • #4
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    Payment breaks unless they are an actual feature of the mortgage product you have (mine has the option for one) changed from easily got before 2008 to very difficult when there were so many in difficulties after the tiger bit the dust!

    They are now nearly always part of the big long complicated procedure of MARP (Mortgage Arrears Resolution Process) and you would probably be looked at as in the pre-arrears category in that you are not actually in arrears as such but unfortunately it all falls under the same system.

    Definitely not worth the paperwork unless an urgent need and not even guaranteed to get it even at that.


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