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Want to move house after restructure

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  • 21-02-2019 1:07am
    #1
    gemsgirl
    Closed Accounts Posts: 34 ✭


    Hi... I would really appreciate any advice that anyone can give.
    I want to move house... I'm not looking for any extra money from the building society....I was on a restructure but have been back on full payments for the past few months (which I have no problems paying)....
    The building society are been quite difficult and won't allow us to move for the moment.
    I have 2 children with special needs and it's mainly for their sakes we want to move.
    Any advice would be greatly appreciated.
    (My building society is Permanent TSB)


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    #2
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,850 Mod ✭✭✭✭L1011


    Id expect a few years of the original payment level + proof that you have the additional funds for the inherent costs of moving without borrowing (booking deposit, legal fees, stamp duty) would be required.

    A mortgage elsewhere will take a few years of proof of paying the full amount on the existing one before anyone will lend also

    Remember you need 20% of the cost of the new house in equity also, just having sufficient on the current mortgage isn't enough.


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    #3
    bleary
    Registered Users Posts: 495 ✭✭bleary


    Honestly, if you have no problem paying the full amount then why didn't you before the last few months and why were you in a restructure?

    The bank really dont care about your personal circumstances only your ability to pay based on your income and your credit history.

    Sorry that sounds needlessly harsh but your post comes across like you are saying the bank are being mean to you. It's a business relationship.


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    #4
    gemsgirl
    Closed Accounts Posts: 34 ✭gemsgirl


    bleary wrote: »
    Honestly, if you have no problem paying the full amount then why didn't you before the last few months and why were you in a restructure?

    The bank really dont care about your personal circumstances only your ability to pay based on your income and your credit history.

    Sorry that sounds needlessly harsh but your post comes across like you are saying the bank are being mean to you. It's a business relationship.

    I lost my job 4 years ago and my husband was put on less hours in his job.
    My little boy was just diagnosed with Autism and we were told he would not be ready to begin mainstream school so we had to pay for a year in a pre school to help him prepare for school.
    We got into financial difficulty and we informed the building society about our situation. We were put on a restructure for 4 years.
    We went to the building society last July to say we were in a better financial situation now and wanted to pay our original monthly amount.
    It took them from July til December to put us back on our original monthly amount.
    Sorry if I confused you or anyone else.
    But maybe next time you won't jump to judge someone before you know all the facts.


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    #5
    bleary
    Registered Users Posts: 495 ✭✭bleary


    gemsgirl wrote: »
    I lost my job 4 years ago and my husband was put on less hours in his job.
    My little boy was just diagnosed with Autism and we were told he would not be ready to begin mainstream school so we had to pay for a year in a pre school to help him prepare for school.
    We got into financial difficulty and we informed the building society about our situation. We were put on a restructure for 4 years.
    We went to the building society last July to say we were in a better financial situation now and wanted to pay our original monthly amount.
    It took them from July til December to put us back on our original monthly amount.
    Sorry if I confused you or anyone else.
    But maybe next time you won't jump to judge someone before you know all the facts.

    Absolutely not jumping to judgement. if you were able to make the full payment last year, there wasn't any reason for you not to make this payment then.

    You don't need the bank to change the payment you could have done so and overpaid unless you are fixed mortgage and not allowed overpay.
    Im sorry if in 4 years your situation hasn't changed but if that's the case you are unlikely to get a mortgage .

    You were on last year asking the same question but didn't start paying the full amount until later. That was a choice.

    You have an impaired credit history, the bank aren't being difficult ,they are being responsible as I said your personal circumstances are only relevant in how they affect your repayment of your loan.


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    #6
    Fol20
    Registered Users Posts: 3,624 ✭✭✭Fol20


    gemsgirl wrote: »
    I lost my job 4 years ago and my husband was put on less hours in his job.
    My little boy was just diagnosed with Autism and we were told he would not be ready to begin mainstream school so we had to pay for a year in a pre school to help him prepare for school.
    We got into financial difficulty and we informed the building society about our situation. We were put on a restructure for 4 years.
    We went to the building society last July to say we were in a better financial situation now and wanted to pay our original monthly amount.
    It took them from July til December to put us back on our original monthly amount.
    Sorry if I confused you or anyone else.
    But maybe next time you won't jump to judge someone before you know all the facts.

    I think your looking at this purely from an emotional stand point esp with your last sentence. The other poster provided some objective factual points that you need to take note of.

    Sorry to sound blunt here but your childrens disabilities are irrelevent to what you are discussing about. Yes they are important from a social aspect and other governmental agencies that assist for that type of stuff however when you are talking pure finances and that is all the bank care about(which it should only be about). Your repayment history will go against you and no bank will want to lend you money for a few years.it doesnt matter that you already have a loan and you dont need any more money. If you sold that house tomorrow and you went to the same bank that your loan is with, i doubt they would give you the same loan again. Every time you want to get a new mortgage no matter what the value, the bank will check your CURRENT affordability and credit history.


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