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Financial difficulties can happen to anyone. If you have a mortgage against your home and you’re worried about falling behind with your repayments, we’re here to help.
Whether you’ve already missed a mortgage payment or you’re concerned about future payments, the best thing you can do is speak to us. We’ll work with you to help you get – and stay – on top of your mortgage payments.
Your mortgage should be one of your highest priority debts because your home may be put at risk if you don’t keep up with repayments. If you are struggling to pay your mortgage and/or other loans, you should contact your other Lenders, if any, to discuss a restructure of the debt repayments.
Payment protection insurance is insurance that will pay out a sum of money to help you cover your monthly repayments on mortgages and other loans if you are unable to work. If you purchased PPI in relation to your mortgage account, you may want to contact the insurance company to make a claim on that policy. Details should be available on your certificate of insurance.
The Central Bank of Ireland’s Code of Conduct on Mortgage Arrears (CCMA) describes a framework for handling mortgages where you have fallen behind with repayments or are concerned that you may do so due to financial difficulties. The framework is called the Mortgage Arrears Resolution Process.
It includes alternative repayment arrangement (ARA) options that may be available to you. It is important to co-operate with us in relation to the arrears, otherwise you are at risk of being classified as ‘not co-operating’ and the MARP will no longer apply to you. This is explained in more detail in the MARP booklet.
The steps to getting started:
If you are struggling to pay your mortgage, speak to us as soon as possible to avoid the problem getting worse. The sooner we hear from you, the sooner we can work on finding a solution. You may also want to speak to the Money Advice and Budgeting Service (MABS) for free, independent financial advice. You can also access information on the supports available from third party organisations here.
We’ll need to get a detailed understanding of your finances so we can find the best option for you. You can provide this information by completing the Standard Financial Statement (SFS) form – or if you are outside of the Mortgage Arrears Resolution Process, you can complete an Income & Expenditure (I&E) form.
It is important that you fill out the SFS fully and accurately. We may also ask you to provide additional documentation, so that we can fully assess your situation (for example, bank account statements, copies of pay slips, copies of business accounts). This gives us information on your expenses, spending, income and personal circumstances.
If you need some help with completing the SFS you can call us at 0818 995 995 or download the Guide to completing the SFS. If required, we may also be able to arrange an in-person meeting or virtual meeting.
Your credit report, available from the Central Credit Register, provides information regarding any outstanding loan(s) you may have and can assist you with completing your SFS. Your credit report can be requested free of charge via the Central Credit Register website www.centralcreditregister.ie.
The Reasonable Living Expenses Guidance published by the Insolvency Service of Ireland available here can assist you with completion of section D of the SFS, My Monthly household expenditure.
You can call us on 0818 995 995 to request a statement on your account, if required.
We’ll review the form and assess your situation on a case-by-case basis using the information you have given us. Our aim is always to look for a way to help you avoid going into arrears or falling further behind on your mortgage payments.
We’ll work out which options may provide a sustainable solution that works for you and let you know what we decide. If we can’t find a viable solution or we can’t reach an agreement, we’ll guide you through the next steps.
We have a number of Alternative Repayment Arrangement (ARA) options we will explore to try to prevent your mortgage either falling into arrears or going further into arrears. Not every option will be suitable for every situation. Following an assessment of your particular circumstances, we will determine which option(s) may work and be sustainable for you. The options we offer, which are subject to an individual assessment of your case and you meeting our eligibility criteria, are:
You only pay the interest on your mortgage for an agreed time, your monthly repayment amount reduces as you are not paying anything towards reducing the capital balance of your mortgage. After the interest-only period, your repayments increase to an amount that ensures you repay your mortgage within the original term; or the term of your mortgage will be extended.
Your monthly repayment is reduced to match your affordability for an agreed period of time – generally between 12 to 36 months.
You can take a break from making any payment in respect of your mortgage for an agreed period - generally up to 3 months.
The term is extended so you pay the mortgage over a longer period, resulting in lower monthly repayments. A term extension may also be used to clear arrears. The term will only be extended if you are 70 years old or less when the current mortgage term is due to finish.
The outstanding arrears are added to the principal amount due, so the mortgage is no longer in arrears. This generally means either the repayment amount is increased, or the term is extended.
The outstanding arrears are added to the principal amount due, so the mortgage is no longer in arrears. This generally means either the repayment amount is increased, or the term is extended.
In some circumstances, we might be unable to offer you an alternative repayment arrangement (ARA), for example, where we conclude that an ARA is not appropriate because the mortgage is not sustainable or where you choose to reject our offer. If this happens, there are other options we may be able to explore with you. To be eligible for these options, you will need to meet certain criteria.
Sometimes, the only way to move forward is to sell your property. You sell the property yourself and the proceeds from the sale are used to pay off your arrears and to reduce or clear your remaining mortgage balance.
Our AVS scheme is designed to provide you with the support and assistance you need to sell your property at the best selling price while keeping the cost to you as low as possible.
You agree to voluntarily hand over ownership of your property to Finance Ireland. You are giving full possession of the property to Finance Ireland and requesting that we market and sell the property. Finance Ireland will have sole discretion in relation to the final price which is acceptable for the property to be sold.
