Managing your payment break

We have a range of short term and long term solutions to back our customers still in financial difficulty, please select below which option best applies to you. Where you are able, returning to your previous payment arrangement, as soon as can you afford to do so, is in your best interests as it will reduce your interest cost over the remaining term of your mortgage.

Where you are not yet ready and need some short term or longer term support, we can help. It is important that you understand how those options will impact your mortgage and we have outlined that information below. If you need any more support to help you select the option which works for you, please contact us.

 

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A payment break may result in higher monthly repayments over the term of your mortgage loan. If you are in a position to revert to making payments it is in your financial best interests to do so as the cost of credit may increase because of the payment break. If you want the extension of your payment break in October, November and December, the deadline for applications being received is 30 September.

 

       

 

Ready for Full Payments

 

My situation has improved and I want to return to full mortgage payments

I want to return to full mortgage payments

If you want to restart full mortgage payments then no action is needed from you. We will return your mortgage to your previous arrangement at the end of the three month payment break (moratorium/interest only). We will write to you before this happens with details of your monthly mortgage repayment amount and repayment date.  

You don’t need to do anything if you pay by direct debit as we will make the changes to your repayments. If you cancelled your direct debit in the last two or three months you will need to reinstate it and make sure there is enough money in the account. This is to avoid accidentally missing the first full monthly payment. If you don't pay by direct debit, please just make sure that your mortgage payment arrives on time.

I want to extend the term of my mortgage

If you want to return to your previous payment structure and apply for a term extension on your mortgage, you can apply online or call us. This would lower your new monthly repayments when your payment break (moratorium/interest only) ends but it will result in you paying more interest on the longer term of the extended mortgage.

Apply Online
If you want the extension of your term to take place before your next repayment date, please contact us or apply online by 17:00 on the 28th September.

Apply Online

You can also call our team on 1850 330 044 to apply (Opening Hours: Monday to Friday 09:00 to 17:00, Saturday 09:00 to 13:00). This solution is available to people who live in the home themselves and to those who rent it out.

When you apply online, we will call you back to let you know about the terms of the term extension and to confirm your agreement that you want to have it applied to your mortgage.

If someone else has taken out the mortgage with you, everyone named on the mortgage will need to be available to speak to us when we call you.

If you want to ensure that there is no increase in your repayments post the payment break compared to your pre-payment break repayment amount, a Term Extension for longer than 3 months is also available to you. In order to avail of a term extension for longer than 3 months, please contact us on 1850 330 044.

Life Cover & Mortgage Protection 
If you decide not to put alternative mortgage protection life cover in place, any shortfall in life cover upon death may result in there not being enough cover to pay the loan and the estate becoming liable for repayment of the loan. You should get independent financial advice regarding your life assurance cover.

If you adjust your mortgage protection policy for a longer term, your mortgage protection provider may ask for additional health screenings and increased premiums.

How Much Does It Cost?
If you choose to extend the term of your mortgage, your mortgage will cost you more in the long term.

We have included some illustrative examples below of how much your mortgage repayments can increase due to a term extension. These examples are an illustration, the exact increase in cost will vary. However, we can give you a more detailed indication of how much your new repayments and cost of credit will be over the phone on 1850 330 044 from Monday to Friday 09:00-17:00, Saturday 09.00 - 13.00.

Three month moratorium and three month term extension

This example uses an interest rate of 3.70% and assumes that your loan is greater than 80% of the value of the property.

Time left on mortgage 15 
20 
25 
30
Balance left on mortgage  €100,000.00
 €100,000.00  €100,000.00  €100,000.00
Interest Rate
 3.70%
 3.70%
 3.70%
 3.70%
Monthly payments
 €724.74
 €590.29
 €511.41
 €460.28
Payments during the three month payment break 
€0.00 €0.00 €0.00 €0.00
Capital and interest payments after a three month payment break  €740.75  €600.86  €519.33  €466.69
Capital and interest payments after a three month payment break and a three month extension to the term of the mortgage
 €731.47
 €595.77
 €516.16
 €464.55
Total interest paid over the time left on the mortgage €30,453.99 €41,669.48 €53,424.13
€65,701.87
Total interest paid over the time left on the mortgage if you take a three month payment break
€31,112.97 €42,404.94 €54,241.81
€66,607.51
Total interest paid over the time left on the mortgage if you take a three month payment break and a three month extension to the term of the mortgage
€31,664.42 €42,983.96 €54,847.68 €67,239.35


Three month interest only and three month term extension

This example uses an interest rate of 3.70% and assumes that your loan is greater than 80% of the value of the property.

Time left on mortgage 15 
20 
25 
30 
Balance left on mortgage 
€100,000.00
€100,000.00
€100,000.00
€100,000.00
Interest Rate
3.70%
3.70%
3.70%
3.70%
Monthly payments
€724.74 €590.29 €511.41 €460.28
Payments during the three months of paying interest only
€308.33 €308.33 €308.33 €308.33
Capital and interest payments after three months of paying interest only
€733.94
€595.34
€514.56
€462.40
Capital and interest payments after three months of paying interest only and a three months extension to the term of the mortgage
€724.74 €590.29 €511.41 €460.28
Total interest paid over the time left on the mortgage
€30,453.99 €41,669.48 €53,424.13 €65,701.87
Total interest paid over the time left on the mortgage if you pay interest only for three months €30,832.62 €42,020.78 €53,748.83 €66,000.84
Total interest paid over the time left on the mortgage if you pay interest only for three months and take a three month extension to the term of the mortgage €31,378.99 €42,594.48 €54,349.13 €66,626.87

 

Short-Term Support

 

I need more help to make my mortgage payments in the short term

I want to extend my payment break (moratorium/interest only) for three more months

If you want to apply for a further three month break from payments or pay interest only for a further three months, you can apply online or call us.

When the three months moratorium or interest only period ends, we will increase your monthly repayments over the remaining term of your loan to spread the cost of what you weren’t paying during the three months over the original term of your mortgage. We will write to you before this happens with details of your monthly mortgage repayment amount and repayment date.

If your situation improves during the payment break you can still make additional payments, which will reduce the mortgage loan balance. 

Apply Online 
If you want the extension of your payment break (moratorium/interest only) to start before your next repayment date, please contact us or apply online by 17:00 on the 28th September.

Apply Online

You can also call our team on 1850 330 044 to apply (Opening Hours: Monday to Friday 09:00 to 17:00, Saturday 09:00 to 13:00). This solution is available to people who live in the home themselves and to those who rent it out.

When you apply online, we will call you back to let you know about the terms of the moratorium/interest only period and to confirm your agreement that you want to have it applied to your mortgage.

If someone else has taken out the mortgage with you, everyone named on the mortgage will need to be available to speak to us when we call you.

How Much Does It Cost?
If you choose to take a further payment break (moratorium/interest only), your mortgage will cost you more in the long term.

We have included some illustrative examples below of how much your mortgage repayments can increase due to a further payment break (moratorium/interest only). These examples are an illustration, the exact increase in cost will vary. However, we can give you a more detailed indication of how much your new repayments and cost of credit will be over the phone on 1850 330 044 from Monday to Friday 09:00-17:00, Saturday 09:00 - 13:00.

Three month moratorium followed by another three month moratorium:

This example uses an interest rate of 3.70% and assumes that your loan is greater than 80% of the value of the property

Time left on mortgage 15
20 
25 
30
Balance left on mortgage 
 €100,000.00
 €100,000.00  €100,000.00  €100,000.00
Interest Rate
 3.70%
 3.70%
 3.70%
 3.70%
Monthly payments
 €724.74
 €590.29
 €511.41
 €460.28
Payments during the three month payment break 
€0.00 €0.00 €0.00 €0.00
Capital and interest payments after a three month payment break  €740.75  €600.86  €519.33  €466.69
Payments during the second three month payment break  €0.00 €0.00 €0.00 €0.00
Capital and interest payments after a six month payment break €757.32 €611.72 €527.42
€473.21
Total interest paid over the time left on the mortgage 
€30,453.99 €41,669.48 €53,424.13
€65,701.87
Total interest paid over the time left on the mortgage if you take a three month payment break
€31,112.97 €42,404.94 €54,241.81

 


€66,607.51

 

Total interest paid over the time left on the mortgage if you take a six month payment break  €31,774.36 €43,143.23 €55,062.79 €67,516.97

 

Three months interest only followed by three months interest only:

This example uses an interest rate of 3.70% and assumes that your loan is greater than 80% of the value of the property

Time left on mortgage 15 
20 
25 
30 
Balance left on mortgage 
 €100,000.00
 €100,000.00  €100,000.00  €100,000.00
Interest Rate
 3.70%
 3.70%
 3.70%
 3.70%
Monthly payments
 €724.74
 €590.29
 €511.41
 €460.28
Payments during three months of paying interest only
 €308.33
€308.33 €308.33 €308.33
Capital and interest payments after three months of paying interest only  €733.94  €595.34  €514.56  €462.40
Payments during the second three months of paying interest only €308.33
 €308.33
 €308.33
€308.33
Capital and interest payments after six months of paying interest only €743.46 €600.53 €517.77
€464.55
Total Interest paid over the time left on the mortgage
€30,453.99 €41,669.48 €53,424.13
€65,701.87
Total interest paid over the time left on the mortgage if you pay interest only for three months €30,832.62 €42,020.78 €53,748.83 €66,000.84
Total interest paid over the time left on the mortgage if you pay interest only for six months €31,212.62 €42,373.43 €54,074.83

 


€66,301.08

 

I want to switch from, or to, a moratorium or interest only period for three more months

If you are on a moratorium or you are paying interest only and you now want to switch from one to the other, you can apply online or call us.

A moratorium is when you don’t pay any mortgage payments for a period of time and an interest only period is when you only pay the interest on the mortgage for a period of time.

When the three months moratorium or interest only period ends, we will increase your monthly repayments over the remaining term of your loan to spread the cost of what you weren’t paying during the three months over the original term of your mortgage. We will write to you before this happens with details of your monthly mortgage repayment amount and repayment date.

If your situation improves during the payment break you can still make additional payments, which will reduce the mortgage loan balance.

Apply Online
If you want this change to take place before your next repayment date, please contact us or apply online by 17:00 on the 30th September.

Apply Online

You can also call our team on 1850 330 044 to apply (Opening Hours: Monday to Friday 09:00 to 17:00, Saturday 09:00 to 13:00). This solution is available to people who live in the home themselves and to those who rent it out. 

When you apply online, we will call you back to let you know about the terms of the moratorium/interest only period and to confirm your agreement that you want to have it applied to your mortgage.

If someone else has taken out the mortgage with you, everyone named on the mortgage will need to be available to speak to us when we call you.

How Much Does It Cost?
If you choose to take a further moratorium or interest only period, your mortgage will cost you more in the long term.

We have included some illustrative examples below of how much your mortgage repayments can increase due to a further moratorium or interest only period. These examples are an illustration, the exact increase in cost will vary. However, we can give you a more detailed indication of how much your new repayments and cost of credit will be over the phone on 1850 330 044 from Monday to Friday 09:00-17:00, Saturday 09:00 to 13:00.

Three month moratorium followed by three months interest only:

This example uses an interest rate of 3.70% and assumes that your loan is greater than 80% of the value of the property

Time left on mortgage 15
20
25
30 
Balance left on mortgage  €100,000.00
 €100,000.00  €100,000.00  €100,000.00
Interest Rate
 3.70%
 3.70%
 3.70%
 3.70%
Monthly payments
 €724.74
 €590.29
 €511.41
 €460.28
Payments during the three month moratorium
€0.00 €0.00 €0.00 €0.00
Capital and interest payments after a three month moratorium  €740.75  €600.86  €519.33  €466.69
Payments during the three month interest only period (immediately following the moratorium period) €311.19 €311.19 €311.19 €311.19
Capital and interest payments after a three month moratorium and three months of paying interest only €750.36 €606.10 €522.58
€468.86
Total interest paid over the time left on the mortgage 
€30,453.99 €41,669.48 €53,424.13
€65,701.87
Total interest paid over the time left on the mortgage if you take a three month moratorium  €31,112.97 €42,404.94 €54,241.81 €66,607.51
Total interest paid over the time left on the mortgage if you take a three month moratorium and 3 months of paying interest only €31,496.50 €42,760.86 €54,570.84 €66,910.53

 

Three months interest only followed by three months moratorium:

This example uses an interest rate of 3.70% and assumes that your loan is greater than 80% of the value of the property.

Time left on mortgage 15
20 
25
30
Balance left on mortgage  €100,000.00
 €100,000.00  €100,000.00  €100,000.00
Interest Rate
 3.70%
 3.70%
 3.70%
 3.70%
Monthly payments
 €724.74
 €590.29
 €511.41
 €460.28
Payments during three months of paying interest only
€308.33 €308.33  €308.33
€308.33
Capital and interest payments after three months of paying interest only €733.94 €595.34 €514.56 €462.40
Payments during a three month moratorium €0.00 €0.00 €0.00 €0.00
Capital and interest payments after three months of paying interest only and three months of a moratorium €750.36 €606.10 €522.58 €466.69
Total interest paid over the time left on the mortgage €30,453.99  €41,669.48  €53,424.13  €65,701.87
Total interest paid over the time left on the mortgage if you pay interest only for three months €30,832.62 €42,020.78 €53,748.83
€66,000.84
Total interest paid over the time left on the mortgage if you pay interest only for three months and take a moratorium for three months   €31,487.92 €42,752.28 €54,562.26 €67,532.51

 

Long-Term Support

 

I am expecting to experience long term issues with money because of COVID-19 that mean I won’t be able to repay my mortgage

If you expect that you will have a more long term loss of income as a result of COVID-19, and you will be unable to make your mortgage repayments

When any support such as a moratorium or paying interest only ends, we will increase each of your monthly mortgage repayments over the remaining term of your loan, so that you can pay your mortgage in full over its original term.

Opening Hours:

Monday - Friday: 09:00 – 17:00
Saturday: 09:00 – 13:00