Frequently Asked Questions
Variable Rate Update (April 2024)
If you have recently received correspondence in relation to an interest rate increase on your account, you can contact us by post, by telephone or by email using the details below.
Our dedicated team is available to take your call Monday to Friday from 9am to 5:30pm (excluding bank holidays).
• Post: Mars Capital Finance Ireland DAC, PO BOX 12546, Dublin 2, Ireland.
• Telephone: LoCall 1800 816 121 or, if calling from abroad, +353 1 526 8580.
• Email: info@marscapital.ie
FAQs
Q. 1. Why has servicing on my residential mortgage moved to Mars Capital?
A. Your mortgage(s) and/or guarantee has been sold by your previous lender and the new loan owner has engaged Mars Capital Finance Ireland DAC ("Mars Capital") as credit servicing firm to manage the mortgage(s) and / or guarantee.
Q. 2. Have my mortgage terms and conditions changed as a result of my loan being acquired by the new loan owner?
A. No. The transfer of your mortgage(s) and/or guarantee to the new loan owner has not changed the terms of your loan agreement. Mars Capital, as credit servicing firm of your mortgage(s) and/or guarantee, are regulated by the Central Bank of Ireland and the new loan owners have committed to honour the original legal terms of your existing loan agreement.
Q. 3. Should I continue to make my repayments as normal?
A. Yes. We will have written to you to explain how you should continue to make your monthly mortgage payments. If you are in any doubt, please contact us immediately and we will clarify what you should do.
Q. 4. Are your arrears and repossessions procedures the same as other banks and building societies?
A. Mars Capital Finance Ireland DAC are regulated by the Central Bank of Ireland ("Central Bank"). We comply with the Central Bank’s Code of Conduct on Mortgage Arrears. It is not part of our business model nor in our interests to apply unnecessary pressure to any of our customers or to hasten the repossession of their property. We would like all borrowers to remain up to date with their mortgage repayments and those who are experiencing financial difficulties will be provided with appropriate help and support.
Q. 5. Will you have all my details or will I have to provide this information to you?
A. As part of the transfer of your loan from your previous lender to us, we were provided with all the necessary information in relation to your mortgage(s) and / or guarantee. These details will be used by us for the continued management and administration of your mortgage and / or guarantee.
Q. 6. Is my mortgage continuing to be administered in Ireland?
A. Yes. Your mortgage is being administered in Ireland by Mars Capital Finance Ireland DAC, which is regulated by the Central Bank of Ireland. We are based in Warrington Place in Dublin 2. On occasion, specific issues may be referred to the loan owner(s) (who may be based overseas) for resolution.
Q. 7. If I am experiencing difficulties repaying my mortgage, what should I do?
A. Please contact us immediately and explain changes in your circumstances to us. We will tell you what we can do to help.
Q. 8. Can I redeem my mortgage and/or transfer it to another lender?
A. Yes. Please contact us and we'll arrange to send you a redemption statement.
Q. 9. What do we consider when setting our variable interest rates?
There are a number of factors and criteria we may consider when setting or amending variable interest rates. These include but are not limited to:
Cost of funds: We take into account the costs of obtaining funding in respect of the mortgage loans incurred by the owners of such loans and changes in these costs may result in changes to our variable interest rates as a result of (a) contractual obligations of Mars Capital within related servicing agreements and/or (b) the European Central Bank changing the main refinancing operations rate (ECB base rate)
Terms and Conditions: Interest rates are applied in accordance with the terms and conditions of the underlying mortgage loan acquired from regulated lenders. These rates vary from pool to pool and within pools.
Market competition: External factors such as activity in the market as a result of new entrants, competitor movements and institutional interest rate setting.
The factors and criteria listed above (or variations or changes in them) could result in changes to the variable interest rates. We will write to you if there has been any additional changes or impact to your mortgage account.
Q. 10. What do I need to do if I have a Variable Rate mortgage/loan?
If you have recently received correspondence in relation to an interest rate increase on your account, you can contact us by post, by telephone or by email using the details below.
In the event of further interest rate changes, Mars Capital will write to all customers impacted to advise them of this.
Q. 11. What if I have an Alternative Repayment Arrangement (“ARA”) or a Personal Insolvency Arrangement ("PIA") with Mars Capital?
Your agreed ARA or PIA repayments will remain at the current level until the end of the arrangement or if terminated in advance. However, the interest rate will increase in line with any (ECB/Variable Rate) rate change. This will reduce the amount of capital repaid on your mortgage during the ARA.
In advance of the expiry of the arrangement period, we will write to you with the new repayment amount.
Q. 12. Could you get a different type of interest rate or a lower interest rate?
We encourage you to consider your mortgage options on a regular basis, although Mars Capital as a credit servicing firm does not offer new lending options / products and is therefore unable to offer to provide options in this respect.
It is important to regularly review your mortgage and any interest rate options that may be available to you. Further information on mortgage loans and interest rate options can be found on the following website https://www.ccpc.ie/consumers/money/mortgages/switching-lenders-or-mortgage/.
We may however facilitate the settlement of your mortgage loan where you wish to refinance with an alternative provider. If you would like to discuss the above, or if you have any questions about your mortgage, please contact us on.
If you are an Oak Customer: please call 1800 852 940 or, if calling from abroad, +353 1 267 8033
If you are a Warrington Bay Customer: please call 1800 816 121 or, if calling from abroad, +353 1 526 8580
If you are a Snow Customer: please call 1800 816 207 or, calling from abroad, +353 1 525 5624.
If you are an Elemfin Customer, please call 1800 816 121 or, if calling from abroad, +353 1 526 8580.
If you are a Barrow / Bullet Customer, please call 1800 816 295 or, calling from abroad +353 1 760 4704.
If you are a Start Customer, please call 1800 818 000 or, calling from abroad +353 1 760 4704.
If you are a Glas III Customer, please call 1800 816 121 or, if calling from abroad, +353 1 526 8580.
My tracker mortgage/loan is serviced by Mars Capital:
A tracker mortgage is a type of home loan where the interest rate charged on the loan tracks that of another publicly available rate, typically the interest rate set by the European Central Bank. The rate may increase or decrease in line with the any changes to this public rate.
Since 2022, the ECB has announced a number of rate changes, full details of which can be found here.
The Central Bank of Ireland has information available about the ECB Interest rate. Please click this link: https://www.centralbank.ie/
Where the ECB rate increases, monthly repayments may also increase.
Q. 13. What do I need to do if I have an ECB Tracker Mortgage?
Mars Capital will write to all customers in advance of any rate change to advise them of this.
We will advise you of the changes required in your monthly repayment amount.
If you pay your mortgage/loan by direct debit, the new repayment amount will be taken automatically when your repayment changes, per timeline outlined above.
If you pay your mortgage/loan by standing order, you will need to contact your bank to amend your payment amount after we write to you, per the timeline outlined above. A failure to amend your payment may result in arrears and a negative CCR rating.
Q. 14. What is going to happen in the future?
Interest Rates are constantly under consideration by Mars Capital.
In the event of further interest rate changes, Mars Capital will write to all customers impacted to advise them of this.
Need Financial Assistance?
We are committed to helping our customers who are concerned about their mortgage repayments, and we are available to discuss all potential solutions which might be available to you.
Alternatively, the Money Advice and Budgeting Service (“MABS”) is an Irish money advice service that supports people with money advice, budgeting, and problem debt for the past 30 years. Their free, independent, and non-judgmental service connects you with expert advisers who specialise in long-term mortgage solutions. Further information can be found at www.MABS.ie.
If you’re struggling with debt and need help you can get free impartial advice from MABS through the following ways:
Over the phone by calling their Helpline on 0818 07 2000, Monday to Friday 9am to 8pm.
Request a callback via www.mabs.ie/contact/call-back.
Face to face at any of their 60 offices nationwide. You can search for your nearest office via www.mabs.ie/about/find-a-mabs-office.
By Email: helpline@mabs.ie.
Contact Details
If you have any queries, or are worried about going into arrears please contact our Customer Support Team who are available to work with you Monday to Friday, 9am to 5:30pm:
If you are an Oak Customer: please call 1800 852 940 or, if calling from abroad, +353 1 267 8033.
If you are a Warrington Bay Customer: please call 1800 816 121 or, if calling from abroad, +353 1 526 8580.
If you are a Snow Customer: please call 1800 816 207 or, calling from abroad, +353 1 525 5624.
If you are an Elemfin Customer, please call 1800 816 121 or, if calling from abroad, +353 1 526 8580.
If you are a Barrow / Bullet Customer, please call 1800 816 295 or, calling from abroad +353 1 760 4704.
If you are a Start Customer, please call 1800 818 000 or, calling from abroad +353 1 760 4704.