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I am one of the 5200 non-performing Ulster Bank mortgages.

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Comments

  • #102
    SteM
    Registered Users, Registered Users 2 Posts: 6,869 ✭✭✭SteM


    Cortexiphan wrote: »
    I've made close to 10k in payment last year, however, the arrears have stayed at about 20k. It doesn't make sense if what I'm paying is going off the arrears, if the arrears amount hasn't changed.

    Did you ever ask UB whether the money you were paying every month was coming off the arrears or the principal?

    If the money is coming off the arrears then every month that you pay is another month that you're not paying off the principal which is then added to the arrears surely?


  • #103
    Cyrus
    Registered Users, Registered Users 2 Posts: 20,212 ✭✭✭✭Cyrus


    Cortexiphan wrote: »
    As my name is on the Mortgage Loan(I got the mortgage when I was single), should my wifes name be included on the financial assessment. She is on a lot more money than I am, and I fear that the "new arrangement" amount, will start costing her a lot more. I am stretched to my limit at the moment.

    you are married and you are both living in the house, its both your problem.


  • #104
    hanaimai
    Registered Users, Registered Users 2 Posts: 207 ✭✭hanaimai


    Fian wrote: »
    Your payments have all been going towards the arrears - this is the way it works the arrears get paid down first. Which is sensible since there is a higher interest rate paid on arrears than on the principal. The arrears have been "hovering" because you have been paying them down at the same rate as new arrears have been arising when your ordinary payments fall due.

    The bolded bit is incorrect. Lenders can't charge extra interest on arrears, unless the borrower isn't engaging.


  • #105
    Cortexiphan
    Registered Users Posts: 27 ✭Cortexiphan


    Sorry, I said wife but we are cohabiting, and getting married next year.


  • #106
    JJJackal
    Registered Users Posts: 1,016 ✭✭✭JJJackal


    Cortexiphan wrote: »
    Sorry, I said wife but we are cohabiting, and getting married next year.

    Its probably worth trying to get it sorted pre marriage?

    Your future wife would assume your debts and the bank would note that you are in a far better position to service the mortgage (think you said your future wife has a well paid job?)


  • #107
    Cortexiphan
    Registered Users Posts: 27 ✭Cortexiphan


    So, I received the “welcome pack” from Cabot Financial, which details who actually owns the loan now. It states what is owed on the mortgage, and the arrears that are there too.

    I’m a little confused as to what is actual process is… do Ulster Bank sell the loan, with other loans for a certain amount, probably at a discount? The amounts owed on the loan(mortgage remainder and arrears)sent to Cerberus of what is owned on that property too?

    I’m also not sure about how to complete the new financial assessment, as I am the only person on the mortgage, my girlfriend is not. Does the financial assessment need to be completed with both of us on it?


  • #108
    Ginger83
    Registered Users Posts: 3,544 ✭✭✭Ginger83


    JJJackal wrote: »
    Its probably worth trying to get it sorted pre marriage?

    Your future wife would assume your debts and the bank would note that you are in a far better position to service the mortgage (think you said your future wife has a well paid job?)

    How could his future wife be liable for a debt taken out before they marry


  • #109
    JJJackal
    Registered Users Posts: 1,016 ✭✭✭JJJackal


    Ginger83 wrote: »
    How could his future wife be liable for a debt taken out before they marry

    Your ability to repay would surely be judged on both incomes post marriage? and only on his income pre? Marriage is a contract


  • #110
    Marcusm
    Registered Users, Registered Users 2 Posts: 10,441 ✭✭✭✭Marcusm


    JJJackal wrote: »
    Your ability to repay would surely be judged on both incomes post marriage? and only on his income pre? Marriage is a contract

    Not necesssrily; the new spouse is not liable for the mortgage debt and the spouse cannot be forced to pay rent. The SFS must be filled out by the borrower and they cannot be forced to disclose the spouse’s income (in fact the spouses could not, absent a court order, be forced to disclose it to each other). However, household expenditure, in my opinion, should not be the total if not all the income is being disclosed.


  • #111
    Claw Hammer
    Registered Users, Registered Users 2 Posts: 6,295 ✭✭✭Claw Hammer


    Marcusm wrote: »
    Not necesssrily; the new spouse is not liable for the mortgage debt and the spouse cannot be forced to pay rent. The SFS must be filled out by the borrower and they cannot be forced to disclose the spouse’s income (in fact the spouses could not, absent a court order, be forced to disclose it to each other). However, household expenditure, in my opinion, should not be the total if not all the income is being disclosed.

    Marriage involves mutual rights and obligations of support. If the OP is entire net income was applied to the mortgage, the wife would be under a duty to maintain him and can be ordered by a court to do so.


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  • #112
    Cortexiphan
    Registered Users Posts: 27 ✭Cortexiphan


    Claw Hammer wrote: »
    Marriage involves mutual rights and obligations of support. If the OP is entire net income was applied to the mortgage, the wife would be under a duty to maintain him and can be ordered by a court to do so.

    But as an unmarried couple?
    Can the new loan holder request all household incomes, regardless of whose name is on the loan.

    While the mortgage is in my name, and not in the girlfriends, she doesn't like the fact that she isn't entitled to the house, even though she pays half the mortgage. I don't think she will be happy paying more than what shes paying now, as her income is substantially more than mine, and I think that the new loan holder(Cerberus/Cabot), after a financial assessment of both of us, will be more than I can afford each month, and the OH will have to pay more, for us to meet payments.


  • #113
    Claw Hammer
    Registered Users, Registered Users 2 Posts: 6,295 ✭✭✭Claw Hammer


    Cortexiphan wrote: »
    But as an unmarried couple?
    Can the new loan holder request all household incomes, regardless of whose name is on the loan.

    While the mortgage is in my name, and not in the girlfriends, she doesn't like the fact that she isn't entitled to the house, even though she pays half the mortgage. I don't think she will be happy paying more than what shes paying now, as her income is substantially more than mine, and I think that the new loan holder(Cerberus/Cabot), after a financial assessment of both of us, will be more than I can afford each month, and the OH will have to pay more, for us to meet payments.

    She should have thought of that before she married you.


  • #114
    Cortexiphan
    Registered Users Posts: 27 ✭Cortexiphan


    Claw Hammer wrote: »
    She should have thought of that before she married you.

    Again. We are not married.


  • #115
    Claw Hammer
    Registered Users, Registered Users 2 Posts: 6,295 ✭✭✭Claw Hammer


    Cortexiphan wrote: »
    Again. We are not married.

    If you're not married, there's no right of support but the fact that you have someone in your household who should be contributing financially is a factor which will be taken into account.


  • #116
    Marcusm
    Registered Users, Registered Users 2 Posts: 10,441 ✭✭✭✭Marcusm


    Claw Hammer wrote: »
    Marriage involves mutual rights and obligations of support. If the OP is entire net income was applied to the mortgage, the wife would be under a duty to maintain him and can be ordered by a court to do so.

    To maintain him but not to discharge his debts. Hence my comment re looking at the expenditure side. Ultimately in Ireland there will be no repossession provided the debtor is making an effort to discharge the debt from his own resources. No diffrrentvto Gauke Killilea/Sean Dunn’s, this does not involve dipping into the spouse’s assets.


  • #117
    Marcusm
    Registered Users, Registered Users 2 Posts: 10,441 ✭✭✭✭Marcusm


    Claw Hammer wrote: »
    If you're not married, there's no right of support but the fact that you have someone in your household who should be contributing financially is a factor which will be taken into account.

    The word “should” is inappropriate. Whether she existed or not, he would be entitled to occupation of the property while he is in MARP. I don’t likecfreeloading butvtgat is not what this is. No morevthan he cannot be forced to rent out surplus bedrooms he cannot be forced to obtain a contribution from a co-habits.


  • #118
    Cortexiphan
    Registered Users Posts: 27 ✭Cortexiphan


    Cabot have sent out the SFA to be completed, still unsure whether to put partner on it.... as I am the mortgage holder, and she is not.
    Also, we have a dependent child.


  • #119
    JDD
    Registered Users, Registered Users 2 Posts: 1,580 ✭✭✭JDD


    Don't put your partner's income on it. State your income, and then the portion that you pay of your outgoings. So if your mortgage is €1000 a month, and your partner pays €500 then your outgoings is €500. Similarly if she pays for half the groceries, or tv or whatever. Just state that a non-family member contributes to household outgoings and you can include the total amount of the outgoings in brackets or something.

    No need to include her income when your completing the income section.


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