Mortgage Payment Break | Coronavirus

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Mortgage Payment Break

For existing mortgage customers impacted by Coronavirus

Mortgage Payment Break Questions

Mortgages payment break for customers impacted by Coronavirus

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.

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.

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

A mortgage payment break only means a break of up to 3 month from your mortgage payments, and you will need to make up these payments through the term of your mortgage.

 

Your repayments will be higher due to the accumulation of  interest charged during the payment break period and the repayment of your mortgage over the existing term.

 

Here are some things to consider before applying for a payment break:

  • At the end of the payment break your monthly payments will be recalculated and you will see an increase in your monthly payments.  We’ll give you an estimate of what that will be before setting up your break.
  • The total amount of interest you pay over the term of the mortgage will increase.

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 Mortgage Payment Break

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

 

 

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