Bank Of Ireland wanting repayment of my mortgage

[PaulDavidThomas]

Back in Jan 2013, my BOI mortgage came to the end of it's 10 year term.

 

Now, they refused to extend the mortgage and my financial situation meant I could not 'easily' refinance. So, I got nasty letters from BOI to repay or refinance or have the property repossessed. So, I wrote to them to give them an additional 1 year plan to repay the outstanding debt and explained why.

 

They bitched lots, suggested I repay in 6 months rather than the 1 year. I said I thought what I had suggested was fair. I had never missed a payment in the previous 10 years. I said if they wanted to take me to court or take action for a repossession, then go for it.

 

Then they backed down and gave me another year to pay off the mortgage. I had an endowment maturing (from another property) that paid off the outstanding debt.

 

So, if you are in a sticky situation, you might not have to get refinancing immediately.

 

Just saying :-)

[Rob D]

Well done Paul - and thanks for sharing your story!

 

It seems like you've discovered that lenders are reluctant to go through the bother of legal proceedings then disposing of a property unless they have to. Although as the market changes, and repossessions are apparently selling above value in most of the country, I suppose that might change.

 

Anyway, great work!

[PaulDavidThomas]

Equally, it's easier to stand your ground when you know if you 'have' too, you can resolve the problem.

[PaulDavidThomas]

Interesting about the fine BOI have got...

 

https://www.centralbank.ie/news/article/enforcement-action-the-governor-and-company-of-the-bank-of-ireland-reprimanded-and-fined-100-520-000-by-the-central-bank-of-ireland-for-regulatory-breaches-affecting-tracker-mortgage-customers-29-september-2022