Restructure option where arrears are added to the principal balance

Hi Brendan,
Any advice with regard to my mortgage details below would be much appreciated.

Original loan advanced: €331,000 in 2008
Outstanding balance: €333,000
Arrears: €61,000
Monthly arrears: €1900

Bank offered me a restructure where over five years they would reduce monthly payments to €1400 @ 4.31% reverting back to norm after the five years.

I appealed this on grounds that given the remainder of my working life is 15 yrs, payments would have to be dramatically increased after the...

Restructure option where arrears are added to the principal balance