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Finance

Home Loan Mortgage Payment Break


Mayo County Council have been directed under Circular 29/2020 dated 28th September 2020, to offer local authority borrowers who consider themselves to be in financial distress arising out of the continuing COVID-19 situation, the option of a third mortgage repayment break of 3 months.

As set out in Circular 9/2020, a mortgage payment break means that the borrower will make no mortgage payments for 3 months. Additional interest will NOT accrue to the borrowers account during the period of the payment break ensuring that no increased cost will arise. The monthly repayment following the break will be increased to facilitate the repayment of the loan over the remainder of the existing term of the loan.

The third mortgage repayment break will allow for a mortgage repayment break to a maximum of 9 months. Borrowers who have been approved for an initial mortgage repayment break can now avail of the option of an additional mortgage payment break to 6 months, and borrowers who availed of an additional mortgage payment break  can now avail of a third mortgage payment break to a maximum of 9 months.

A closing date of the 31st December 2020 has been imposed as the last date for applications for an initial mortgage repayment break.

The Department of Housing, Planning and Local Government have published an updated frequently asked questions document on the mortgage repayment break. Please see below.

Application forms are available below. Completed applications can be directed to housingloanrepayments@mayococo.ie

Telephone queries and further details are available at 094 9064672, 094 9064159 and 094 9064117.

The application form and FAQ can be accessed at the links below:

Application Form:
Home Loan Mortgage Payment Break – Initial Application Form
Home Loan Mortgage Payment Break – Additional Application Form
Home Loan Mortgage Payment Break - Third Application Form

FAQ:
Home Loan Mortgage Payment Break – FAQ

 

 

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