As part of the Mortgage Arrears Resolution Process (MARP), we offer a variety of alternative repayment arrangements. These will depend on your individual circumstances and our assessment of your Standard Financial Statement (SFS). We will do our best to find a repayment plan that works for you.
One arrangement, known as ‘short-term treatment’, is that your monthly repayment is reduced to less than your normal full monthly repayment for a limited period of time, which is agreed in advance. During this time, you may stop paying all or part of your mortgage repayment (both capital and interest).
If you are paying insurance as part of your mortgage payments, you will need to continue to pay these during the arrangement. After the arrangement period ends, your mortgage repayments for the remaining term will be recalculated. This means your monthly mortgage repayments will increase.
If you do not pay your full monthly mortgage repayments, you will pay more interest on your mortgage overall. This means the total cost of your mortgage will increase.
Another arrangement we may suggest is ‘capitalisation’. This means that your outstanding arrears will be added back onto your remaining mortgage balance, allowing you to repay them over the life of your mortgage. While this arrangement means that your mortgage will no longer be in arrears, it will increase both your capital and interest payments due to the larger balance.
This arrangement can be offered on its own or together with other available arrangements.
This arrangement extends the term (or length) of your mortgage. This reduces your monthly repayment amount and means you will have a longer period of time to repay the mortgage. You will end up paying more interest over the life of your mortgage.
This arrangement can be offered on its own or together with other available arrangements.
This arrangement allows you to pay the full interest on your mortgage while also making partial payments towards the remaining balance for the remaining term of the mortgage. This arrangement will be reviewed on a regular basis.
If your financial circumstances improve, your repayments will be increased to reflect this. At the end of the mortgage term, any remaining balance will be due.
If you are not in a position to repay the outstanding mortgage in full, you will need to talk to us about the options available to you which may include lump sum payment, trading down or selling your property.
Under this arrangement, your mortgage is split into two accounts: a ‘main mortgage account’ and a ‘warehouse account’. This allows us to reduce your monthly repayments.
We do not forgive arrears or loan balances; however, we can help you to deal with financial challenges in a way that makes sense for all.
Warning: Variable rate: The payment rates on this housing loan may be adjusted by the lender from time to time.
Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit, a hire-purchase agreement, a consumer-hire agreement or a BNPL agreement in the future.
If no alternative repayment agreement is reached, you may find that the best option for you is to sell your property. Selling your property will enable you to use the proceeds from the sale to clear your outstanding arrears (if any) and repay, or significantly reduce, your mortgage balance. You may have to sell your property at a loss if it is in negative equity (if the value of your property is less than you owe on your mortgage).
This arrangement involves trading down to a lower-value property. After selling your property, the funds are used to pay off your arrears and reduce any remaining mortgage balance. The cost of your new property and any shortfall from the sale of your existing property becomes your new mortgage.
By surrendering the property, you allow PTSB to sell it and use the proceeds to clear arrears and reduce or repay the mortgage balance.
This is a State-assisted scheme where you sell your property to an approved housing body and remain in the property as a tenant paying rent to them. Full eligibility for this arrangement depends on the criteria agreed under the scheme.
Find out how to qualify for the Mortgage To Rent Scheme.
We do not forgive arrears or loan balances; however, we can help you to deal with financial challenges in a way that makes sense for all.
Warning: We are obliged by law to report any alternative repayment arrangements, missed payments, participation in the Mortgage to Rent scheme, voluntary surrender and repossession to the Central Credit Register (CCR), in the legitimate interests of PTSB and the CCR. This may affect your future ability to borrow.
If your ability to afford monthly repayments improves, we will review your situation and aim to move you back towards making full mortgage repayments. For example, with a Split Mortgage, we will transfer funds from your warehouse account to your main mortgage account. This means that you will have a lower outstanding balance on your warehouse account at the end of the mortgage term.
On a regular basis, we will review your situation to ensure you remain on the most suitable arrangement for your circumstances.
All borrowers must cooperate with these reviews, which is likely to involve filling in an updated SFS.
If you would like help with completing the SFS, you can call our dedicated team on 0818 66 44 44 or +353 21 601 3801 (from abroad). Lines are open Monday to Friday, 8.45am to 6pm (excluding Bank Holidays).
You can also make an appointment in a PTSB branch and one of our mortgage consultants will help you complete the SFS.
It is crucial to seek independent advice regarding the options outlined here. Refer to our list of useful contacts for more information.
We recommend that you check your current policies with your life assurance provider(s) to confirm that you have adequate coverage and to arrange appropriate cover if any policies have lapsed.
We strongly recommend that you contact your insurance provider if you have a mortgage payment protection policy, as you may be able to make a claim that will help you with your mortgage payments.
You are required to advise us at any stage, if your repayment capacity has materially changed, that is where it improves or where you are unable to make the agreed repayments. This will allow us to make a timely and informed decision about the most appropriate way forward in light of your new situation.
If your property needs to be sold by PTSB, the bank will incur property management and sale costs. These are estimated at approximately €18,000. The costs include:
Please note: There may be additional costs that are not on this list.
If specific events occur, some or all of the estimated costs noted above will be due for payment by you, according to the circumstances of your situation. These specific events include an alternative repayment arrangement or settlement being agreed; a court ruling that you must pay legal costs; or the redemption of your mortgage. There will be no interest charged on these costs.
Read important regulatory information regarding housing loans.
Warning: If you do not keep up your repayments you may lose your home.
Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.
If your property is sold by PTSB, all the parties to the mortgage will be jointly and severally liable for any shortfall between the outstanding (unpaid) debt on the mortgage and the proceeds from the sale of the property. Outstanding debt will include any accrued interest and charges, plus legal, selling and any other related costs. Monthly repayments must continue until the mortgage and related costs are fully paid, with interest accruing until full repayment is made.
Mortgage Arrears Resolution Process: A helpful guide
Download the (SFS) to print and complete on paper
