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.
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.
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.
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.
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).
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.
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.
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.
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).
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.
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.
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.
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