Testimonials >> "If it weren’t for great people like you, there wouldn’t be grateful people like me."- Varghese (South County Dublin)

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Redundancy & Mortgage Arrears

The world economic situation has hit us like a pandemic. Circumstances will change and the world will recover at some stage, but there have been and there will continue to be many casualties. At a basic level, this will mean people losing their jobs in Ireland. The reasons may be worthy of lengthy debate but the result will still be the same. Job losses inevitably lead to mortgage arrears and perhaps repossessions and expensive legal costs for some people. This is an area where we may be able to help, but prompt action is required.

If you know that you will lose your job shortly (or if this has happened to you recently) and you have a mortgage that will become difficult to pay, please consider contacting us now. If your credit history to date has been satisfactory then the following solution may be negotiated for you, for example:-

3 months of zero repayments, followed by several months of interest only, followed by perhaps a further 12 months of reduced repayments.

We may be able to negotiate these type of deals with your lender after meeting with you, meeting with the bank and presenting your financial information in a specific format. We follow up with you and the bank after 3 months, 6 months, 12 months, etc. In this way we help you stay on track, your credit rating doesn’t deteriorate and hopefully life returns to normality for you during this period. It is more difficult to negotiate a good deal for you if you have already gone into significant arrears, so early action will take the pressure off you.

Many Irish people built up residential investment property portfolios over the last 10 years. Although mortgage rates have reduced to record low levels, rents have fallen dramatically. In many cases the over supply of rental accommodation has resulted in vacant units. This puts huge pressure on landlords, forcing them to use their salaries to subsidise the rental shortfall. Selling may not be an option as there may be negative equity now following years of releasing equity to expand the portfolio. Again the advice is to contact us early before the walls seem to close in. We may be able to help.

Even without the credit crunch and global recession, things just happen. Perhaps an illness has wiped out or reduced your income for some time to come. If you think you will be in trouble going forward, just ask for help. We can’t guarantee a successful outcome every time but we are accustomed to presenting financial information to the banks in a logical, coherent and professional manner. We are also mortgage consumers ourselves so we have an appreciation of both sides.

Call us today on 01-6276000 or email info@lucasmortgage.ie