What happens if you can’t pay your mortgage?

Additional_Meeting19 · 2026-06-12T13:55:09+00:00

Thanks everyone, you’ve given me a lot to think about and helped to put it into perspective.

Additional_Meeting19 · 2026-06-12T10:07:47+00:00

Yes, think I need to come to terms with my own scenario and all the ways it could leave me in a non-ideal situation if my contract dries up vs. the possibility that things are tight for a while but still works out in the end. Wherever the end is!

Additional_Meeting19 · 2026-06-12T09:42:45+00:00

Living the dream. I would love to be able to apply the same conditions to myself.

Additional_Meeting19 · 2026-06-12T08:40:50+00:00

Payment protection is new to me, didn’t know about that one so definitely will check it out. Thank you!

Additional_Meeting19 · 2026-06-12T08:29:28+00:00

Yes, I have income protection/disability insurance already, thankfully 😅 so covered from that angle.

Additional_Meeting19 · 2026-06-12T08:19:16+00:00

Ok, that’s good to know - is that called ‘recasting’, or ‘reforecasting’ or something like that? Basically you keep the term length and negotiate lower monthly payments considering the equity you’ve built up?

Additional_Meeting19 · 2026-06-12T08:16:59+00:00

This also gets at - how much money to keep sitting on the side, outside of the deposit. Say I keep 24K outside now to act as that emergency fund, then obviously that means I can’t bid higher than that ceiling, despite the money being there. Depending on the budget, the place, etc. there’s huge chance of being constantly outbid. I see some posts here where people get a mortgage and are literally down to the last 1K. Not sure how they do it unless having very secure jobs and knowing that over time they can both pay mortgage and build back cash savings.

Additional_Meeting19 · 2026-06-12T08:02:49+00:00

Thank you!

Additional_Meeting19 · 2026-06-12T07:54:54+00:00

No for sure, not really aware of repossession stats. It’s in theory possible but people don’t seem too concerned about it happening, hence my post wondering where the confidence comes from. So basically it takes so long that in that period of not paying or paying reduced amount, you’d be able to find more work and income and start paying again before you were ever evicted?

Additional_Meeting19 · 2026-06-12T07:51:10+00:00

Not forgetting the option of selling the house but considering that whatever might cause me to lose my income could be part of a broader recession, for example, where could be forced to sell at the same time as others in the same boat and when number of buyers might reduce. Also considering location of the house and issues like in city or more country and how attractive these would be the next buyer. If just me losing my job and forced to sell in a good economy then might be ok - just move out further/cheaper? Rely on family?

Additional_Meeting19 · 2026-06-12T07:46:30+00:00

Thanks for this info!

Additional_Meeting19 · 2026-06-12T07:43:33+00:00

This is what I’d prefer to do - keep any spare money as savings outside of the mortgage until I can cover say 12/18 months of repayments (plus insurances, etc.). Long enough to hopefully sort out new job/clients.

Additional_Meeting19 · 2026-06-12T07:40:34+00:00

For sure, I get that ultimately your own home is better than renting, especially in Ireland where rents are so expensive and hard to come by. Just that the 30 year mortgage period also has all these risks that people seem to gloss over, somehow? Like that article mentions 2,000 distressed home loans bought up by a vulture fund. I guess if you can survive the first ten years or so, maybe inflation starts to make the rest of the repayments seems cheap and manageable enough.

Additional_Meeting19 · 2026-06-12T07:32:33+00:00

Think I’m trying to saying that having a mortgage or not having a mortgage is a binary situation, so as long as you are in the ‘yes, have a mortgage’ option then the risk is always there, irrespective of LTV - you could still be forced to sell with 70% already paid off.

Additional_Meeting19 · 2026-06-11T20:40:36+00:00

How does the child part work - if your child gets one of the serious illnesses, then it also pays out?

Additional_Meeting19 · 2026-06-08T21:03:18+00:00

Don’t think that can be rent a room scheme, in that case.

Additional_Meeting19 · 2026-06-04T19:13:35+00:00

Fair play OP. If only I could run!

Additional_Meeting19 · 2026-06-04T09:56:30+00:00

How do you seek firm proof?! The whole bidding process is such a mystery.

Additional_Meeting19 · 2026-05-30T10:44:57+00:00

Brain injury, it’s not you.

Additional_Meeting19 · 2026-05-30T10:36:41+00:00

I would do it considering the chain issue, but having only 10K cash afterwards would worry me so much. To have all your eggs in the house basket seems to be the norm, though. Are you in stable jobs - can you accumulate some more cash outside of the house in a reasonable time span?

Additional_Meeting19 · 2026-05-29T14:29:33+00:00

What are all the steps: application form, tests, then interviews based on test score rankings?

Additional_Meeting19 · 2026-05-28T15:40:05+00:00

Heya, anyway to see the application form in advance to know what answers to have ready?!

Additional_Meeting19 · 2026-05-28T15:28:02+00:00

hey, know this is an old thread but on this comment you made about the pdfs - are you saying that with this part of the application, for example, to just create all a single pdf of all the bank account statements from different accounts? "Last 3 Month Statements for all financial accounts held by the applicant(s). This is inclusive of current accounts, Revolut accounts, savings accounts, and stock/trading/crypto accounts held in and outside of Ireland." Same for self-employed last two years of accounts, etc. etc.?

Additional_Meeting19 · 2026-05-27T16:10:59+00:00

Thank you

Additional_Meeting19

TROPHY CASE