This information is for you if you have a mortgage on a residential investment property and:
Please note: The advice below is for investors. If you are a home owner living in your own home, please see Mortgage Repayment Support.
We are committed to working with all customers who are facing financial difficulties, to try find a solution. We want to find a way that can help to make your repayments a little easier to manage. If you’re in arrears now, or worried that you soon might be, talk to us – before a small problem becomes a big one.
It’s really important that you get in touch with us as soon as possible if you’re concerned about repayments. This gives us the best chance to work together to find a solution.
We have a dedicated team ready to support you. Contact us:
The Money Advice and Budgeting Service (MABS) are a free, confidential and independent service who help people who are in debt or in financial difficulty. Visit their website or call MABS on 0818 07 2000, Monday to Friday, 9am to 8pm.
The Insolvency Service of Ireland’s Back on Track website offers free, confidential support and expert advice to help you deal with debts and get your finances back on track.
Fees and interest may apply, increasing the outstanding debt you owe.
Your Credit Report may be affected, which may limit your ability to borrow in the future.
Your debt may be outsourced to a debt collection agency.
The Bank may take legal action against you in relation to the outstanding debt. In such circumstances, in addition to the outstanding debt, you may also be liable to pay the Bank’s legal costs and outlays in relation to the preparation and progression of any legal proceedings.
Section 134 (2) of the Consumer Credit Act 1995 requires the Bank to provide you with an estimate of the legal costs in relation to any potential repossession proceedings (if repossession proceedings have not already commenced) regarding your property. Please note that the estimate also includes the legal costs incurred by the Bank in relation to the preparation of any repossession proceedings.
If repossession proceedings are not defended by you, it is estimated that the legal costs and outlays incurred by the Bank, from the time that an external legal services provider is appointed by the Bank until the time when a property is taken into possession by the Bank, will amount to approximately €8,000.
In the event that repossession proceedings are, for example, defended and/or adjourned on a number of occasions and/or if the repossession proceedings are complex and/or in the event of any appeal or court applications for an extension of a stay on any order made, additional legal costs will be incurred by the Bank.
It is estimated that the legal costs and outlays incurred by the Bank in relation to such matters, from the time that an external legal services provider is appointed by the Bank until the time when a property is taken into possession by the Bank, will amount to approximately €16,500.
In addition to the legal costs regarding repossession proceedings set out above, 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:
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.
In the event that the property is sold, including where the property is sold by the Bank, all parties to the mortgage loan will be jointly and severally liable for any outstanding debt remaining (which includes any accrued interest, charges, legal, selling and other related costs) after the net proceeds from the sale of the property have been applied to your mortgage loan account.
You must continue to make your monthly repayments until your loan has been repaid in full. Interest will not accrue in relation to any legal and/or third party costs applied to your loan account. However, interest will continue to accrue in relation to the balance of your outstanding debt until the loan has been repaid in full.
You can avoid fees and charges by keeping your repayments up to date. If you’re having difficulties doing this, please call our dedicated Arrears Support team on the number above. We want to help.
You can see all your active accounts on Open24 Online Banking or in the PTSB App.
How to view your accounts in Open24 Online Banking:
How to view your accounts in the PTSB App:
Missed payment data will be reported to the Central Credit Register (CCR) as required by law. This may affect your future ability to borrow.
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