As part of the Mortgage Arrears Resolution Process (MARP), we offer a variety of alternative repayment arrangements. The availability of these arrangements depends on your individual circumstances and our assessment of your Standard Financial Statement (SFS).
Your monthly repayment will be reduced to less than your normal full monthly repayment for a specified limited period of time. During this period, you may stop paying all, or part, of your mortgage repayment (capital and interest).
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, allowing you to repay them both over the life of your mortgage. This means that your mortgage will no longer be in arrears.
This arrangement will eliminate arrears but increase the capital and interest repayments due to the larger balance. 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 divided into a "Main Mortgage Account", and a "Warehouse Account" 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.
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.
By surrendering the property, you allow PTSB to sell it and use the proceeds to clear arrears and reduce or repay the mortgage balance. Our dedicated team will try to get the best possible sale price for the property. Contact us on 0818 66 44 44 or 021 601 3801 for more information on this process.
This State-assisted scheme involves selling your property to an approved housing body, allowing you to remain in the property as a tenant paying rent to the approved housing body. Full suitability for this arrangement is subject to criteria agreed under the scheme.
More information on 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.
Any alternative repayment arrangement, missed payment data, participation in mortgage to rent scheme, voluntary surrender and repossession are reported to the Central Credit Register (CCR), as required by law, in the legitimate interests of PTSB and the CCR. This may affect your future ability to borrow.
We will review your situation and aim to move you back towards making full mortgage repayments if your ability to afford monthly repayments improves. For example with a "Split Mortgage", transferring 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 term.
We will periodically review your situation to ensure you remain on the most suitable arrangement to ensure you continue to be on the most appropriate arrangement for your circumstances. All borrowers must cooperate with these reviews, such as submitting an updated Standard Financial Statement (SFS) online, through our Standard Financial Statement (SFS) PDF, or by calling our dedicated team on 0818 66 44 44 or 021 601 3801.
It is crucial to seek independent advice regarding the options outlined here. Refer to our list of key contacts for more information.
Review existing policies with your Life Assurance Provider(s) to ensure adequate coverage and arrange suitable cover if 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.
Property management and sale costs are incurred by the Bank in relation to the maintenance and sale of your property, estimated at approximately €18,000. These costs include, but are not limited to:
In the event that certain specific events happen, i.e. when an alternative repayment arrangement/settlement is agreed with you, when a Court determines that legal costs must be paid by you, or when your mortgage is redeemed, some/all of the estimated costs noted above become due for payment by you depending on the circumstances of your case. No interest will be charged in relation to 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.
In the event that the property is sold, including repossession by the Bank, all the parties to the mortgage will be jointly and severally liable for any shortfall between the outstanding debt (including any accrued interest, charges, legal, selling and other related costs) and the proceeds from the sale of the property. Monthly repayments must continue until the mortgage and related costs are fully paid, with interest accruing until full repayment.
