Mortgage Payment Break
Arrangements were announced by the Minister for Housing, Planning & Local Government, on Tuesday 14th April, 2020 to support our mortgage borrowers who are experiencing financial difficulties as a result of the COVID- 19 pandemic. You can apply for a mortgage payment break of up to 3 months. A further announcement was made on Friday 26th June 2020 to offer our borrowers the option of a further additional mortgage payment breaks for 3 months.
Other announcements have introduced the option of a 3rd and 4th mortgage payment break for our borrowers, if circumstances warrant it. This brings the total of the 4 mortgage payment breaks up to a maximum of 12 months. A borrower may not apply for a mortgage payment break of more than 3 months in one application.
A mortgage payment break means that:
• You will make no mortgage payments for up to three months.
• Additional interest will NOT be added to your account during this period, ensuring that no increased cost will arise.
• The monthly repayment following the break will be increased to help the repayment of the loan over the remainder of the existing term of the loan.
This applies to all local authority home loan products. This approach will continue for the provision of a further mortgage break of 3 months to a maximum of 12 months in total.
To apply for a first mortgage payment break or an additional mortgage payment break:
• Read the attached updated frequently asked questions.
• Complete the relevant attached application form.
• Return the application form to us.
The closing date for applying for an initial mortgage payment break was 31st March 2021.
