Council Home Loan Repayment Break – COVID-19 Emergency Measure
Circular 20/2020 was received from Department of Housing, Planning & Local Government on 28th September 2020 in relation to Additional Measures for Local Authority Mortgages.
Borrowers who consider themselves to be still in need of the financial support, related to the continuing COVID 19 situation, may apply for a third (3rd) Payment Break, bringing the total of the 3 payment breaks to a maximum of 9 months.
Local Authority Borrowers may still apply for their first mortgage payment break – Closing date for first time applicants is 31st December 2020.
Circular 18/2020 was received from the Department of Housing Planning & Local Government on Friday 26th June 2020 in relation to Additional Payment Break for local authority borrowers.
Borrowers who consider themselves to be still in need of the financial support, related to the continuing COVID-19 situation, can apply to have their home loan paused for a further 3 months.
Local Authority Borrowers may still apply for their first mortgage payment break.
Closing Date for receipt of applications is 30th September 2020.
Circular 9/2020 was received from the Department of Housing Planning and Local Government on Friday April 10th 2020 in relation to a Council Home Loan repayment break period.
Borrowers can apply to have their home loans paused for a period of 1,2 or 3 months if they are unable to meet the monthly repayments as a result of a reduction in income arising from the COVID-19 emergency, or are anticipating a reduction in income arising from the COVID-19 emergency. Interest is not charged during the paused period. At the end of the 1,2,or 3 month period the principal outstanding is recalculated over the remaining term of the loan (i.e. the term of the loan remains unchanged so the monthly repayments will increase marginally after the paused period expires) . Mortgage protection insurance (MPI) will be payable during the paused period.
Application forms and FAQ can be down loaded below.
Queries to Mairead Donohue email@example.com