Due to my status as an IT contractor, we were unable to obtain a mortgage when our landlord gave us notice on our three bedroomed home in Lucan, County Dublin. Through Homeoptions, we arranged to rent a house in the same locality which was key due to the kids schooling. We are now exercising our option to buy that home outright as I have now obtained a permanent job and finally qualify for a mortgage.
K&A, West Dublin
I was struggling with a Vulture Fund on our family home as they were looking for us to sell and pay off our debt. At no point did they offer a reasonable alternative payment method and commenced legal proceedings against us. We had explained that we were a family of five with 3 young children and although we had equity in our home, it was not sufficient to help us find alternative accommodation in the area.
Homeoptions started to assist us in October 2019 in dealing with the Fund and I feel we are in a good state and the Vulture is now starting to show us some respect. Homeoptions have also helped us realise that we may have had our tracker rate taken off us in unfair circumstances and we have now filed a complaint with the financial ombudsman.
While our stress levels are still high, we feel we have a real partner in homeoptions.
A&C, County Cork
I retained my Asian passport due to my elderly parents still residing overseas. While my wife is a European citizen and I have access to a European passport, we could not obtain a mortgage in Ireland. We desperately wanted to exit the rental market as we were expecting our first baby.
Homeoptions purchased the home of our choice and we are now renting with an option to buy at a fixed price. We will be exercising that right to buy and converting to a standard mortgage as soon as we can regularise our residency status.
L&J, North Dublin
I have an interest only mortgage with Bank of Scotland Ireland which reached the end of its term last year. While a broker has arranged a temporary extension, I am concerned, as that is now due to end, and there appears to be no long-term solution available from the servicer. I think my mortgage has been sold twice since the original lender.
I am over 70 years of age and cannot find alternative financing or obtain the full amount outstanding. We also think our interest only mortgage was totally inappropriate for us given our ages at the time of drawdown. When we took out the mortgage, there was no discussion on how we would repay the final amount in retirement.
Homeoptions is now helping us resolve this matter and has brought us some peace of mind as we work, hopefully, towards a long-term solution that will keep us in our home.
We are a couple in retirement aged 75 and 70. Our interest only mortgage with a high street lender came to an end in early 2019 and we negotiated with the bank on our own. They amended the terms of our mortgage giving us what we thought was a 1 year 11 month extension to an interest and partial repayment mortgage. That offer was made to us on the 7th March 2019 and totalled 19 pages. We thought that the extension was to keep us in our home but we now see that on page 13 that we committed to put our home on the market and to prove to the lender that it is being actively sold.
As we have a modest mortgage and home, our payments were varied from €141 to €199 per month. We are both on the old age pension and have no other means of support. On the 7th May 2019 we received a letter from the bank informing us that our monthly payment was going to be in excess of €6,000 per month.
Homeoptions is now helping us to renegotiate with the lender to keep us in our home and to get a long term affordable payment structure in place.
J&A, Dublin 16
We approached Homeoptions as our family home in North Dublin had become the subject of a repossession order. I also had an ongoing case with the bank on my business going back to 2010. Homeoptions put together an offer to purchase our home and rent it back to us with the option for us to redeem ownership when our position improved.
This option was seriously considered by the bank and forms the basis for us enlisting others in our plea for an affordable solution. We have five young children and have no alternative accommodation solutions.
We run a business with our home being upstairs in Dublin 1. We’ve had a number of solutions proposed by a receiver that we found impossible to complete on. With the help of Homeoptions we now have a real chance of generating sufficient cash to settle our agreed debt and move to an apartment more suitable to our means and age; we are both in our seventies.
E&D, Dublin 1