As part of the MARP, we have a number of Alternative Repayment Arrangements. The availability of the arrangements will depend on your individual circumstances and our assessment of your Standard Financial Statement (SFS).
Below you will find more information on the alternative repayment options. You can also find more information about what options are available to you if we are unable to agree an alternative repayment arrangement.
Your monthly repayment will be amended to lower than your normal full monthly repayment for a specified limited period of time. This means that you will stop paying all or part of your mortgage repayment (capital and interest) for the duration of the arrangement.
If you have insurance repayments billing with your mortgage repayment, these will continue to bill during the arrangement. At the end of the agreed arrangement period, your mortgage repayments for the remaining term will be recalculated which will result in your monthly mortgage repayments increasing.
If your repayments are at zero, or less than the interest amount due on your mortgage, your mortgage balance will increase during the arrangement. If you pay the interest amount due, your mortgage balance will not reduce during the arrangement. If you pay more than the interest amount due, your mortgage balance will reduce but at a slower rate than if you were making your full mortgage contractual repayments.
This will mean that you pay more interest on your mortgage and the overall cost of your mortgage will increase.
Your outstanding arrears will be added back onto your remaining capital balance. This will allow you to repay them both over the life of your mortgage. This means that your mortgage will no longer be in arrears. Because the balance is larger, this will increase the capital and interest repayments over the total life of the mortgage. This arrangement can be offered individually or in conjunction with any of the other arrangements available.
This arrangement extends the term (or length) of your mortgage, which reduces your monthly repayment amount and means you will have a longer period of time to re-pay the mortgage. This will result in you paying more interest over the life of your mortgage. This arrangement can be offered individually or in conjunction with any of the other arrangements available.
This allows you to pay the full interest on your mortgage as well as make part repayments towards your mortgage balance for the remaining term of the mortgage. This arrangement will be reviewed on a regular basis. In the event that your financial circumstances improve, your repayments will be increased in line with your affordability.
At the end of the mortgage term, any outstanding mortgage 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.
Your mortgage is split into two accounts to reduce your monthly repayments: a 'main mortgage account' and a 'warehouse account.
In the event that your financial circumstances improve, a portion of the ‘warehouse account’ will be transferred back to your main mortgage account. At the end of the mortgage term, any outstanding mortgage 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.
Warning: Variable rate - the cost of your monthly repayments may increase.
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.
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.
It is important that you seek independent legal and financial advice in relation to the Alternative Repayment Arrangements outlined above.
We strongly recommend that you review your existing policies with your Life Assurance Provider(s) to ensure they adequately cover the revised terms of your mortgage. In the event that your policy has lapsed, you should, in your own interest, arrange suitable cover.
If you have any mortgage payment protection policies, we strongly recommend that you contact your Insurance Provider, as you may be able to make a claim that will help you with your mortgage payments.
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. This may involve you selling your property at a loss if the property is in negative equity.
This means that you trade down to a lower-value property, if your property is in negative equity. After selling your property, the funds are then used to pay off your arrears and reduce the remaining mortgage balance. The cost of your new property and any shortfall from the sale of your existing property becomes your new mortgage.
If you decide to give up or ‘surrender’ the property, you should contact us on 1800 855 010 or 021 601 3800 for information on the voluntary surrender process.
If you do surrender the property, PTSB will take it into possession and then place the property on the open market for sale. PTSB’s agent will try to get the best possible sale price for the property. We will use the proceeds of the sale to clear your mortgage arrears (if any) and to repay or reduce your outstanding mortgage balance.
The Mortgage To Rent option is a State assisted scheme where you agree to sell your property to an Approved Housing Body and the Approved Housing Body allows you to remain in your property, as a tenant paying rent to the Approved Housing Body. Full suitability for this option is subject to set criteria agreed under the scheme.
For information on how to qualify for the Mortgage To Rent Scheme, visit The Housing Agency website.
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.
It is important that you seek independent legal and financial advice in relation to the options outlined above.
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