Mortgage Repayment Difficulties
At EBS we know that some of our customers are experiencing financial difficulties. You may be worried about your ability to keep up with repayments on borrowings or other debts, while living on a reduced income. If this is the case, the best things you can do is talk to us now and make a plan.
We are ready to work with you on a solution that will help you manage your finances through difficult times. It is very important not to ignore the early signs of financial difficulty. Some people panic or ignore the problem in the hope that it will go away or resolve itself but it is always best to face the problem head-on. The sooner you contact EBS the easier it will be for us to help.
Under the Central Bank's Code of Conduct on Mortgage Arrears, EBS has a four step process called the Mortgage Arrears Resolution Process or MARP to help support mortgage borrowers who are in arrears or are at risk of going into arrears. There is a detailed brochure available which takes you through the MARP process in detail.
A copy of this is available here or can be obtained through your local office.
The four steps are:
Step One - Communication
Although this may seem daunting, the first step is to let us know that you are worried about your finances. It is very important not to ignore the early signs of financial difficulty or stress. If you are already in arrears with your mortgage repayments, or are concerned about going into financial difficulty, you should contact us as soon as possible. We have team of dedicated trained staff to support our customers, who are there to talk you through the steps involved. The earlier you make contact with us the sooner we can work together to find ways to improve your situation.
Please note EBS is required to communicate with its customers who are arrears.
Step Two - Financial Information
In this step of the process you will be required to complete a Standard Financial Statement (SFS). This is simply a detailed form that allows you to set out your current financial circumstances and gives us, and you, a clear picture of your financial situation.
This will help EBS to provide a tailored review of your circumstances and assist us in providing sustainable solutions to suit your situation. To help you complete the SFS, EBS has developed step by step video guides to talk you through the SFS section by section. If you are concerned about going into financial difficulty the completed SFS should be sent to your local branch or if you are already in arrears, the SFS should be sent directly to the Arrears Support Unit (ASU). You will also need to provide additional documentation to support the information in the SFS. This will include:
In all cases:
- 3 months most recent bank statements for all current accounts held by you. Your name, address and account number must be stated on at least one of the pages.
In cases as appropriate to your employment status
- 3 most recent payslips
- Revenue balancing statement (Notice of Assessment)
- 6 months most recent business current account statements
Unemployed /Job seeker
- 3 most recent social welfare receipts or confirmation of social welfare payments to be received
The supporting documentation should be provided for each party to the mortgage account. The completed SFS together with supporting documentation should be sent to the ASU within 20 days.
To get a copy of the SFS click here
Step Three - Assessment
This involves reviewing the information provided by you in the SFS to access your individual situation. We might have a few questions about the information you provided. Careful consideration will be given to your individual case based on the following:
- Your personal circumstances,
- Your overall indebtedness,
- The information provided in the SFS and other supporting documentation.
- Your previous repayment history
- Your current repayment capacity.
Looking at each of these areas, we will seek to provide a realistic and sustainable alternative repayment option on your mortgage.
Step Four - Resolution
This means working together to provide possible solutions to your current situation. Once we have gathered and assessed all the information relating to your financial circumstances, we will work with you to explore all possible options. Some of the alternative repayment arrangements EBS will consider include:
Options that keep you in your home:
- Interest Only
- Fixed Repayment'
- Extension of Loan Term
- Capitalisation of the Arrears and Interest
- Changing the Type of the Mortgage
- Deferred Interest Scheme
- Split Mortgage
Other options available to you:
- Voluntary Surrender
- Mortgage to Rent
- Voluntary Sale of your Property
Check out our MARP booklet if you want to learn more about each option
If you have already made contact with your local office or our Arrears Support team and have been asked to complete a SFS we have created a step by step video guides to talk you through the statement section by section. Click here to go to our Standard Financial Statement Section.
Money Advice & Budgeting Service (MABS)
MABS (www.mabs.ie) offers free and confidential independent advice and assistance with managing your finances. You may wish to seek assistance from Money Advice and Budgeting Service (MABS).
Telephone 0761 07 2000
The Irish Mortgage Holders Organisation (IMHO) www.mortgageholders.ie will provide free and independent professional advice if you are having difficulty meeting your mortgage repayments. Telephone 1890 623 624
Stepchange Debt Charity Ireland (www.stepchangedebtcharity.ie) is a free independent telephone advice service for people who are struggling with debt or mortgage repayments. Freephone 1800 937 435 (Monday to Friday from 9am - 5pm).