Mortgage Payment Break | Coronavirus

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Mortgage Payment Break

For existing mortgage customers impacted by Coronavirus (COVID-19)

Mortgage Payment Break Questions

Mortgages payment break for customers impacted by Coronavirus (COVID-19)

If your income has been impacted by Coronavirus and you know you are not going to be able to make your monthly mortgage payments, we can offer our existing mortgage customers a 3 month payment break.

What is a mortgage payment break?

A mortgage payment break allows you to stop paying your mortgage for the agreed period of time and won’t have any negative impact on your credit rating.

 

You may also wish to place an explanatory statement on your credit report to explain your current circumstances where your loans are concerned. More information is available from the Central Credit Register.

Can I apply for a mortgage payment break?

You can apply for a mortgage payment break if:

 

  • Your ability to pay your mortgage has been affected by Coronavirus.
  • You have consent from everyone named on the mortgage.
  • You've drawn down your mortgage before 16th March 2020

What happens to the payments, how will that impact my mortgage going forward?

As part of the measures to help you during this unprecedented time we are putting in place a process to allow you to apply for a mortgage payment break for an initial period of 3 months. When you receive a mortgage payment break, you don’t have to pay your monthly mortgage payment for the agreed period. 

 

Interest will continue to accrue in line with existing terms and conditions which apply to your mortgage.  A mortgage payment break will result in an additional cost of credit - this is the total cost of deferring the capital and interest repayments during the period. This will result in interest being charged on the interest accrued during the mortgage payment break.

 

At the end of your mortgage payment break your normal monthly payment will be recalculated to ensure your mortgage is repaid by the end of the original term.  If you wish to extend the term of your mortgage, you should apply to do this and the Bank will assess your application. 

WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT

Considering a payment break?

Request a Coronavirus (COVID-19) Mortgage Payment Break

Alternatively you can speak to someone on 1800 435 763 and +353 1709 2118 from outside Ireland.  

 

 

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