Primary Residence

Need help & advice with your mortgage repayments?

If your finances have changed and you’re struggling with mortgage payments, please contact us right away.  Our highly trained Arrears Support Unit will help you find a solution.

We have various financial solutions that may fit your situation.

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.

Do you have an Income Protection or Repayment Protection Policy?

If you have an income protection or repayment protection policy, you might be able to make a claim.  Please check your policy.

Mortgage Arrears Resolution Process

 The Central Bank of Ireland's Code of Conduct on Mortgage Arrears (CCMA) outlines 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 our MARP booklet.

Getting Started

We have policies and procedures to help you address your financial difficulties and these comply with Central Bank regulations.  The below steps are aligned to the Mortgage Arrears Resolution Process. 

Step 1 

Communicate 

If your finances have changed and you’re struggling with mortgage payments, please contact us right away.  Our highly trained Arrears Support Unit will help you find a solution.  

We have various financial solutions that may fit your situation.  If anything is unclear, you can always contact us for an explanation. 

If you prefer, send us a signed letter authorising someone else to represent you.  

If you paid more in mortgage interest in 2023 than you did in 2022, you can claim a tax credit from Revenue.  Search online for “mortgage interest tax Ireland” to find out more.

Step 2  

Detail your finances 

To identify the right solution for you, we need to understand your financial situation.  The Central Bank of Ireland created a standard form to detail all your income and expenses.   

Please download, print and complete a Standard Financial Statement (SFS).  Contact us to receive it by post. 

The Central Bank has a guide for completing the SFS. 

We can also help you complete the SFS over the phone.  You can get independent advice from a financial advisor too.  For free financial advice, please see the Useful Resources section at the end of this guide 

Note that you must accurately complete the SFS form and provide all required documents. This will include bank statements, payslips, utility bills and other evidence of your income and expenses.  If you don’t, you may be classified as “not co-operating” and lose legal protections.  

Step 3  

Get assessed  

Once we have received all required documents, we will carefully review your financial situation based on your: 

  • circumstances and likely changes in the future 

  • overall debt level 

  • Standard Financial Statement 

  • repayment history and current capacity 

We will then write to you and explain our assessment.  In the meantime, you should pay as much of your mortgage repayments as you can afford. 

Step 4 

Decide 

After our assessment, we may offer an alternative repayment arrangement (ARA) that fits your circumstances and our eligibility criteria.  This will be based on what we believe is appropriate and sustainable for you.  We’ll explain all the details and the impact on your mortgage loan account.  You’ll then be able to consider your options and make a decision. 

Resolution Options

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.

Our range of alternative repayment arrangements include: 

  • Mortgage break.  Pay nothing for an agreed time frame.  Afterwards, your monthly repayments will increase to include the interest and principal amounts you did not pay. 

  • Some interest.  Pay some of the interest portion of your mortgage for an agreed time frame.  Afterwards, your monthly repayments will increase to include the interest and principal amounts you did not pay. 

  • Interest only.  Pay the interest portion of your mortgage for an agreed time frame.  Afterwards, your monthly repayments will increase to include the principal you did not pay while you paid interest only. 

  • Interest plus some principal.  Pay the interest portion and some of the principal mortgage for an agreed time frame.  Afterwards, your monthly repayments will increase to include the principal portion you did not pay. 

  • Full payment plus extra amount.  Pay your regular monthly repayment and an extra amount to reduce your arrears within an agreed time frame. 

  • Term extension.  Extend the length of your mortgage term to reduce monthly payments to a level you can afford.  Total interest paid will increase. 

  • Arrears capitalisation.  Add your arrears to your remaining mortgage balance.  Your monthly repayment amount and total interest paid will increase. 

  • Loan change.  Switch your mortgage type.  This may be from a fixed rate to a variable rate, for example. 

  • Lower interest rate.  Pay a lower interest rate for an agreed time frame.  Afterwards, you’ll return to your original interest rate. 

 

If you have a tracker mortgage, you will not be required to change your mortgage type except in the circumstances set out in the Code of Conduct on Mortgage Arrears. 

Going forward, if you cannot meet the terms of your new repayment arrangement, please contact our Arrears Support Unit immediately. 

Other options 

If we don’t offer a new repayment arrangement or you refuse a new arrangement, we will explore other options with you.  These options require a further assessment to determine your eligibility: 

  • Mortgage to rent.  This is a government scheme where you voluntarily surrender your property to us.  We immediately sell it to an approved housing association.  They will charge you an affordable rent to continue living in the property.  Any shortfall remains your responsibility unless we advise you otherwise in writing. 

  • Voluntary sale.  Sell your property and repay the mortgage.  Any shortfall remains your responsibility unless we advise you otherwise in writing. 

  • Voluntary surrender.  Sign over your property to us.  We’ll sell it and repay the mortgage.  Any shortfall remains your responsibility unless we advise you otherwise in writing.