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Information relating to Alternative Repayment Arrangements and all Options

Independent legal and financial advice

It is important that you seek independent legal and financial advice in relation to the options outlined in this website. Please refer to the Useful Contacts section of this website.

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Assurance and Insurance

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.

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Keep us informed

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.

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If your repayment capacity improves

We will review your situation and endeavour to move you back towards making full mortgage repayments if your ability to afford monthly repayments improves. This may include, 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.

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We will review your situation at intervals that are appropriate to the term of the arrangement to ensure you continue to be on the most appropriate arrangement for your circumstances.

All borrowers to the mortgage must co-operate with these reviews, for example, by submitting an updated Standard Financial Statement (SFS) either through our online web form or through our SFS PDF or by calling our dedicated team on 0818 66 44 44 or 021 601 3801.

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Credit Rating

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.

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Sale of Property Costs

Property management and sale costs are incurred by the Bank in relation to the maintenance and sale of your property and it is estimated that they will amount to approximately €18,000.

Costs associated with the possession, marketing and sale include but are not limited to Property Management Fees, Non Principal Private Residence (NPPR), Local Property Tax (LPT), Capital Gains Tax (CGT), Value Added Tax (VAT), Management Company charges/ fees, solicitor conveyancing and auctioneer costs as applicable.

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. Please note that no interest will be charged in relation to these costs.

Find more important regulatory information regarding housing loans.

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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.

Liability for any debt outstanding

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.

Until your mortgage is paid in full, you must continue to make your monthly repayments. You should be aware that interest will continue to accrue on the debt until the loan and all costs due in relation to the sale of the property have been repaid in full.

Useful Documents

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