Can we stop mortgage payments and wait?
Q One pay cut (him), reduced working hours (me) mean that we are really struggling with bills – including our mortgage. We have never missed a payment but if my hours are further reduced, we will. We heard the announcement that the Government will be introducing ways of helping homeowners with mortgage payments. Would we be better to cancel our payments and wait for whatever scheme is announced?
A You are right that the Minister for Communications Eamon Ryan announced this week that the Government is committed to helping homeowners struggling with mortgage payments but most of the mechanisms mentioned are already available anyway with the main lenders (although not with subprime lenders). There is no talk of debt cancellation (which I think you are getting at in your e-mail), so no matter what scheme the Government comes up with you will still owe money to your lender. Some of the ideas that may emerge from Government are ones you can’t currently easily manage yourself, such as equity for debt swops, but others, such as reducing repayments, lengthening the term of the mortgage, etc are things you can negotiate with your lender now.
Never cancel a loan, particularly a mortgage repayment without a plan being in place. One missed payment (of any loan) sets alarm bells ringing at the lenders and puts you on the back foot during the inevitable negotiations. Talk to your lender on ways to reduce your monthly repayments: they will request information on your total incomings/outgoings and should be able to work out a new repayment plan. Once that has been established, stick to it. If you feel unable to negotiate with your lender, contact your local MABS office for advice.
Builders making noise at midnight
Q From what we can see – and hear – there is significant building work going on in a derelict house at the far end of our estate. To my certain knowledge no planning permission was put up. Anything will be better than the derelict house but the problem is the noise. Last night the builders with heavy digging equipment worked until close to midnight. My husband talked to the builders but was told it was none of his business. I thought builders had to stop by 7pm.
A Planning permission in built-up areas frequently comes with worktime restrictions, e.g. work can start no earlier than 8am and must finish at 8pm. The problem here is that there is no planning permission so the builder is doing what he likes. Contact your planning office in your local authority to request a site visit to explore what could be an illegal development. It will be up to the local authority to explore methods of planning enforcement, etc. Also contact the Health and Safety Authority (hsa.ie) to inspect the site because the builder may not be giving his workers appropriate site protection. Get your local residents’ association involved.
Your questions
Send your queries to Property questions, The Irish Times, The Irish Times Building, 24-28 Tara Street, Dublin 2 or email propertyquestions@irish-times.ie. This column is a readers’ service and is not intended to replace professional advice.
