If your interest only mortgage is coming to the end of its term or has expired and you are aged over 55, then we have solutions for you. Homeoptions offers individuals the opportunity to restructure their mortgage in a way that suits their income and ensures that they remain in the home for as long as desired.
We establish a long-term sustainable payment capacity through to retirement and negotiate with your lender. Our restructures work in a similar vein to “Equity Release” products available to those aged over 55, without the unnecessary restrictions or the high costs traditionally associated with these products.
We ensure that you’ve been charged the correct amount in interest and fees and review your position with respect to mis-selling. We also ensure that your tracker mortgage will be restructured into an affordable long term solution in line with Central Bank guidelines.
In our proposed structures, you make revised monthly payments based upon your income level. If your income is insufficient to meet the revised payments, an amount will be deferred and rolled up and paid to the lender when your home is eventually sold. You will be responsible for the maintenance of the home as this is a requirement of the scheme and the lender.
Friends & family can help towards affordability and have their support repaid one day. At the end of the process we will arrange for you to receive independent legal advice.
If you do not have sufficient equity in your home or your income is insufficient to support proposed payments, we can help with a conversion to one of the national Mortgage-to-Rent schemes. If you have equity in the home but your home is too expensive for your needs, we can assist in any rightsizing initiatives. Alternatively, if you’d prefer to sell the property and simply repay the outstanding mortgage, we will negotiate the best price for you. We will ensure you receive value for surrendering your tracker mortgage in line with Central Bank guidelines.
Our objective is to give peace of mind to individuals who were sold Interest Only Mortgages on their family homes during the Celtic Tiger years, where the originating bank did not satisfy itself at origination, or in subsequent years, how the debt might be repaid, particularly as borrowers advanced towards retirement age.
The asset manager is Quartech Services Limited and the management team can be seen at https://quartech.ie/about/. Quartech has significant experience in the loan portfolio and banking market.
Please complete the attached form and email it to us at info@homeoptions.ie or post it to 27 Mount Street Upper, Dublin D02 F890 addressed to Homeoptions. We will call you to discuss your options.