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Bank Of Ireland wanting repayment of my mortgage

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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 :-)

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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!

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