We understand that throughout your mortgage journey you may want flexibility when it comes to your mortgage repayments. That’s why we offer a choice of flexible repayment options after you’ve moved into your new home.
A. Underpayment: If you have previously made regular overpayments and have built up credit on your mortgage, you can use this credit for a payment holiday. You can also underpay a payment by the amount of credit that has been built up.
B. ‘Skip Months’ Payment holiday: ‘Skip Months’ allows you to choose up to two months of each year where you don’t make any mortgage repayments. We will increase the amount of your repayments over the remaining 10 or 11 months of the year (depending on your choice).
A. Lump Sum Payment: If you’ve received a bonus or an inheritance or any other large amount of money, you can put that lump sum towards your mortgage to reduce your monthly repayments or the term.
B. Regular Overpayments: Regular overpayments are where you make an overpayment on your mortgage. This allows you to reduce the term of your mortgage and pay less interest overall or build up credit on your account to allow you to take a payment holiday at a future date.
Choosing your preferred payment date gives you the flexibility to choose the specific date you make your mortgage repayment on each month.
A moratorium is a payment holiday that allows you to take a break from your mortgage or reduce your payments for three months. You can reduce your repayments by the full amount or partially by a selected amount. During your payment holiday you will need to pay your insurance costs such as life assurance and home insurance. You can avail of the moratorium/payment holiday option up to three times during the life of the mortgage.
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, a hire- purchase agreement, a consumer-hire agreement or a BNPL agreement in the future.
Warning: The cost of your monthly repayments may increase.
Warning: The entire amount that you have borrowed will still be outstanding at the end of the interest only period.
Warning: You may have to pay charges if you pay off a fixed rate loan early.
Warning: There is no guarantee that the proceeds of the Insurance Policy will be sufficient to repay the loan in full when it becomes due for repayment.
Wherever you are on your home buying journey, we’re here to support you along the way. Get in touch to discuss the Flexible Repayment Options available to you.