Mortgage Options Brochure (pdf) - Permanent TSB

Trade Down
This is where you trade down into a lower value property. The funds from the sale
of your existing property are then used to pay off your arrears and reduce the
remaining mortgage balance. Your new mortgage will be for the cost of your new
property and any shortfall from the sale of your existing property.
Partial Ownership
The Bank essentially buys a portion of your property based on the current market
price and reduces the mortgage amount you owe us by this amount. As your
circumstances improve, you buy some or all of this portion back from us based on
the market price at that time. As you pay legal costs each time, you can only buy
back portions of the property in large amounts.
Split Mortgage
We split your mortgage into two accounts to reduce your monthly repayments. You
make interest only payments on the “warehouse” account at a reduced rate and
you continue to pay the full capital and interest payments on the other portion at the
rate applicable at that time. As your circumstances improve, you pay the outstanding
money owed on this second (warehouse) account.
Mortgage to Rent
You voluntarily surrender your property to the Bank and we then sell the property to
a housing association who rent it back to you. This means that while you no longer
own your property you can continue living in your home as a tenant. The change in
your status from owner to tenant is kept confi dential.
Capitalisation
You can add your outstanding arrears to the remaining capital balance and repay
them both over the life of your mortgage.
Some important things to notes:
We may not always offer you an arrangement – this will depend on your circumstances.
In this case, we will contact you to outline the options that are available to you.
Home loan customers will not be required to change from an existing tracker mortgage
to another mortgage type.
The repayment options outlined here may result in you paying additional interest on your
mortgage over the term of the loan.
An overdue balance on your accounts may have a negative effect on your credit rating.
This, in turn, may reduce your ability to get loans in the future.
Warning: If you do not meet the repayments on your loan, your
account will go into arrears. This may affect your credit rating, which may
limit your ability to access credit in the future.
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