How we can help


The following information applies to you if (a) your mortgaged residential property is the one in which you reside or (b) your mortgaged residential property is the only one that you own in the Republic of Ireland. If none of the above applies to you, please click here to find out how we may be able to help you.

We have dedicated Mortgage Consultants in every branch who will be pleased to talk you through your alternative repayment arrangement. Alternatively, you can contact us directly by phone.

To get started, you need to complete and sign the Standard Financial Statement (SFS) which will give us a clear picture of your current financial circumstances. You can do this in your local permanent tsb branch with the help of our local Mortgage Consultants. Alternatively, call us on the numbers above and we can post an SFS to you.

Your completed Standard Financial Statement will be assessed in our dedicated Assessment Unit with a view to providing you with alternative repayment arrangements suitable to you.

Alternative Repayment Arrangements

The alternative repayment arrangements that may be offered will vary from case to case and below is a brief summary of the main alternative arrangements that may be available.

Short Term Arrangements
  • Interest Only- This is where you only pay the interest on your mortgage for a specified amount of time. This option is also referred to as a “Capital Payment Holiday”.

    Warning: Your current capital balance will still be outstanding at the end of the interest-only period.

    More than Interest Only - This is an arrangement where you pay slightly more than Interest Only, but not as much as your full repayments which is called “Capital Payment Holiday Plus”.

    Less than Interest Only - Another arrangement, is where you pay slightly less than Interest Only, which is called “Capital Payment Holiday Minus”.

    Warning: Arrears will continue to grow during a Capital Payment Holiday Minus treatment.

  • Moratorium - This arrangement allows you to defer paying all or part of your mortgage repayment for a period of time. For example, this might be suitable if you have a temporary shortfall of income.
Long Term Arrangements
  • Capitalisation - If appropriate, your outstanding arrears may be added to the remaining capital balance, allowing you to repay them both over the life of your mortgage.
  • Term extension - This arrangement extends the term (length) of your mortgage. This means you can reduce your monthly repayment amount by extending the term of your mortgage.
  • Part Capital and Interest Arrangement - This arrangement allows you to pay the full interest on your mortgage as well as make repayments towards your mortgage balance. At the end of the mortgage term, the outstanding mortgage balance will be due.
  • Split Mortgage - We split your mortgage into two accounts to reduce your monthly repayments: a ‘Main Mortgage Account’ and a ‘Warehouse Account’. You do not repay the balance of the Warehouse Account until the end of the mortgage term. This means your monthly payments will be lower than they currently are, in line with what you can afford to pay over time. However, you will owe the full outstanding balance on this Warehouse Account at the end of the mortgage term.

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.

Other Options

Where we are unable to agree an alternative repayment arrangement with you and depending on your individual circumstances, the options detailed below may be available to you. The availability of any one of these options is subject to an individual assessment of your case and meeting appropriate qualifying criteria (ours or a third party).

  • Voluntary Sale - You may consider 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.
  • Negative Equity Trade Down - This means that you trade down to a lower value property. Following the sale of your existing 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.
  • Voluntary surrender - If you decide to surrender the property, you should contact us on the number below for information on the voluntary surrender process. If you do surrender the property, the Bank will take it into possession and then place the property on the open market for sale. The Bank’s agent will endeavour to obtain 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.
  • Mortgage To Rent - 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.

Important information relating to all arrangements and options

Costs

Property conveyancing and disposal costs are approximately €10,500 but may vary depending on the sale price of the property. Any additional liabilities associated with the property must be discharged by the company e.g. Non Principal Private Residence (NPPR), House Hold Charges (HHC), Local Property Tax (LPT), Capital Gains Tax (CGT), Value Added Tax (VAT), Management Company charges/ fees. All liabilities and costs will be charged to the mortgage account and payable by you.

Liability for any debt outstanding

In the event that the property is disposed of, 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.

Credit Rating

Please note that your mortgage repayment history may be recorded on your Irish Credit Bureau (ICB) profile or any other credit reference agency or credit register, where permitted by contract or required by law, and may affect your future ability to borrow. It is important that you are aware that your participation in the Mortgage to Rent Scheme, voluntary surrender of your property and repossession may be recorded on your ICB profile or any other credit reference agency or credit register, where permitted by contract or required by law, and may also affect your future ability to borrow.

Reviews

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).

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.

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.

Recommendations

It is important that you seek independent legal and financial advice in relation to the options 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.

Important Documents

The documents below apply to you if (a) your mortgaged residential property is the one in which you reside or (b) your mortgaged residential property is the only one that you own in the Republic of Ireland

Mortgage Arrears Resolution Process (MARP) Guide (167KB) 
Standard Financial Statement (xls, 714KB)
Standard Financial Statement (527KB)
Standard Financial Statement Guide (2.1MB) 
Mortgage Arrears Information & Advice Service (1.4MB)
BPFI Brochure - Important information to help people in mortgage arrears (2.2MB)
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