You can contact our Mortgage Arrears Information Helpline on 0761 07 4050
Overview: For homeowners
Many people in Ireland are finding it difficult to keep up with mortgage repayments or are in mortgage arrears.
If you think you are likely to fall behind in your mortgage payments, the most important step you can take is to contact your lender as soon as possible.
Where to get advice and help
If you find yourself having difficulty with mortgage repayments, there are several sources of advice and help available.
The Mortgage Arrears Information Helpline 0761 07 4050 is open from 9.30am to 5pm, Monday to Friday.
MABS, the Money Advice and Budgeting Service, can advise you on dealing with mortgage arrears as well as other forms of problem debt. The MABS helpline 0761 07 2000 is open from 9am to 8pm, Monday to Friday. MABS also operates a nationwide network of centres, staffed by specialist money advisers, as well as an email service firstname.lastname@example.org.
You can also contact your local Citizens Information Centre for face-to face information and advice, phone the Citizens Information Phone Service on 0761 07 4000, Monday to Friday, 9am to 8pm.
Mortgage arrears: contacting your lender
The most important thing to do if you think you are likely to fall into mortgage arrears is to contact your mortgage lender and let them know the situation. Our document on mortgage arrears gives some information on your options.
Mortgage arrears and consumer protection codes
Lenders must abide by specified codes of conduct in dealing with people who have problems paying their mortgage. These codes of conduct provide protection for borrowers. Read more in our documents on mortgage arrears and consumer protection codes and the Mortgage Arrears Resolution Process.
The Mortgage Arrears Resolution Process (MARP)
Under the Central Bank's Code of Conduct on Mortgage Arrears (CCMA), lenders must operate a Mortgage Arrears Resolution Process (MARP) with customers who are in mortgage arrears or who are likely to fall into mortgage arrears (pre-arrears). Read more about the steps involved in the MARP.
Developments and proposals in relation to mortgage arrears
Mortgage arrears and personal debt have been the subject of several reports and pieces of legislation. Find out more about responses to mortgage arrears and debt.
Social Welfare payment: Mortgage Interest Supplement
If your income is reduced, you may qualify for a Mortgage Interest Supplement. Since 18 June 2012, new applicants for MIS must show that they have availed of an alternative payment arrangement with their lender for at least 12 months under the Mortgage Arrears Resolution Process (MARP).
Tax relief: mortgage interest relief
Tax relief is available on mortgage interest payments. As this relief is provided 'at source', it is likely you are already claiming the relief. Find out more about mortgage interest relief.
Mortgage protection and mortgage repayment policies
Most private residential mortgages are covered by a mortgage protection policy which comes into play in the event of your death. You may also have a mortgage repayment policy or some other form of insurance that offers financial support in the event that you lose your job or otherwise experience a fall in income. Read more about mortgage protection and mortgage repayment policies.
You may be able to earn some extra income to help with your mortgage repayments if you have a spare room or rooms in your home. Under the Rent-a-room scheme, if you rent out a room (or rooms) in your own home to private tenants, up to €10,000 of your rental income in any tax year will be exempt from income tax, subject to certain conditions.
Selling your home and voluntary surrender ('handing back the keys')
If you sell your home and the sale does not cover the outstanding mortgage on the home, you should note that you will still owe the difference to the lending institution. Find out more about some of the implications if you sell or voluntarily surrender your home.
Under the national mortgage-to-rent scheme, people who are having trouble paying their mortgages can switch from owning their home to renting their home as social tenants. If you take up the mortgage-to-rent option, you will no longer own your home or have any financial interest in it. Find out more about the mortgage-to-rent scheme.