Bank of Ireland

paulontour

Hi

I am after some guidance as to our options.

We took out a mortgage in 2008 with Bank of Ireland. The mortgage was in my wife's name, with her step dad as guarantor. It was 100% mortgage for £240,000, all interest only. I could not get on the mortgage as I was a contractor (and still am).

The monthly payments keep going up and up and we are getting to the point where we can't afford it. The plan was to keep the mortgage 100% interest only until the wife goes back to work (currently looking after the kids) and then pay off as much as possible as quickly as possible from her salary.

As it is a 100% mortgage, are we stuck with Bank of Ireland? The house is probably worth £260,000 now, so we haven't got that much equity in it.

Thanks for all your help in advance.

ACG

You wont get another interest only mortgage not at 90% ltv.

So even if you do move away from bank of ireland you will have to go onto a repayment basis - meaning your payments will be even higher.

Thrugelmir

paulontour wrote: »

The monthly payments keep going up and up and we are getting to the point where we can't afford it.

Then you father in law is on the hook. Perhaps you should consider carefully your next move.