My Variable Rate mortgage/loan is serviced by Mars Capital

Mars Capital is increasing its variable interest rates by 0.4%.                   

Your current mortgage interest rate is linked to the Mars Capital variable rate and as a result of this, your interest rate will increase by 0.4%, effective from 1st April 2024, your monthly repayment amount will also change effective from the 1st of May 2024 to reflect the rate adjustment and reoptimise your account to ensure the principal balance is fully repaid by the end of term.

Mars Capital will be writing to all customers impacted in February 2024 to provide the relevant information in advance.

What do we consider when setting our variable interest rates?
There are a number of factors and criteria we may consider when setting or amending variable interest rates. These include but are not limited to:

• Cost of funds: We take into account the costs of obtaining funding in respect of the mortgage loans incurred by the owners of such loans and changes in these costs may result in changes to our variable interest rates as a result of (a) contractual obligations of Mars Capital within related servicing agreements and/or (b) the European Central Bank changing the main refinancing operations rate (ECB base rate)

• Terms and Conditions: Interest rates are applied in accordance with the terms and conditions of the underlying mortgage loan acquired from regulated lenders. These rates vary from pool to pool and within pools.

• Market competition:  External factors such as activity in the market as a result of new entrants, competitor movements and institutional interest rate setting.

The factors and criteria listed above (or variations or changes in them) could result in changes to the variable interest rates. We will write to you if there has been any additional changes or impact to your mortgage account.

What do I need to do if I have a Variable Rate mortgage/loan?

• Mars Capital will be writing to all customers in February 2024 to provide you with the relevant information.

• The rate increase will apply from the 1st of April 2024

• We will advise you of the changes required in your monthly repayment amount, effective on the 1st of May 2024

If you pay your mortgage/loan by direct debit, the new repayment amount will be taken automatically when your repayment changes, per timeline outlined above.

If you pay your mortgage/loan by standing order, you will need to contact your bank to amend your payment amount after we write to you, per the timeline outlined above. A failure to amend your payment may result in arrears and a negative Central Credit Register (CCR) rating.

What is going to happen in the future?

Interest Rates are constantly under consideration by Mars Capital.

In the event of further interest rate changes, Mars Capital will write to all customers impacted to advise them of this.

What if I have an Alternative Repayment Arrangement (“ARA”) or a Personal Insolvency Arrangement ("PIA") with Mars Capital?

Your agreed ARA or PIA repayments will remain at the current level until the end of the arrangement or if terminated in advance. However, the interest rate will increase in line with any (ECB/Variable Rate) rate change. This will reduce the amount of capital repaid on your mortgage during the ARA.

In advance of the expiry of the arrangement period, we will write to you with the new repayment amount.

Could you get a different type of interest rate or a lower interest rate?

We encourage you to consider your mortgage options on a regular basis, although Mars Capital as a credit servicing firm does not offer new lending options / products and is therefore unable to offer to provide options in this respect.

It is important to regularly review your mortgage and any interest rate options that may be available to you. Further information on mortgage loans and interest rate options can be found on the following website https://www.ccpc.ie/consumers/money/mortgages/switching-lenders-or-mortgage/.

We may however facilitate the settlement of your mortgage loan where you wish to refinance with an alternative provider. If you would like to discuss the above, or if you have any questions about your mortgage, please contact us on

• If you are an Oak Customer: please call 1800 852 940 or, if calling from abroad, +353 1 267 8033

• If you are a Warrington Bay Customer: please call 1800 816 121 or, if calling from abroad, +353 1 526 8580

• If you are a Snow Customer: please call 1800 816 207 or, calling from abroad, +353 1 525 5624.

• If you are a Barrow / Bullet Customer, please call 1800 816 295 or, calling from abroad +353 1 760 4704.

My tracker mortgage/loan is serviced by Mars Capital:

A tracker mortgage is a type of home loan where the interest rate charged on the loan tracks that of another publicly available rate, typically the interest rate set by the European Central Bank. The rate may increase or decrease in line with the any changes to this public rate.

Since 2022, the ECB has announced a number of rate changes, full details of which can be found here.

The Central Bank of Ireland has information available about the ECB Interest rate. Please click this link: https://www.centralbank.ie/

Where the ECB rate increases, monthly repayments may also increase.

What do I need to do if I have an ECB Tracker Mortgage?

·         Mars Capital will write to all customers in advance of any rate change to advise them of this.

·         We will advise you of the changes required in your monthly repayment amount.

If you pay your mortgage/loan by direct debit, the new repayment amount will be taken automatically when your repayment changes, per timeline outlined above.

If you pay your mortgage/loan by standing order, you will need to contact your bank to amend your payment amount after we write to you, per the timeline outlined above. A failure to amend your payment may result in arrears and a negative CCR rating.

What is going to happen in the future?

Interest Rates are constantly under consideration by Mars Capital.

In the event of further interest rate changes, Mars Capital will write to all customers impacted to advise them of this.

What if I have an Alternative Repayment Arrangement (ARA) or a Personal Insolvency Arrangement (PIA) arrangement with Mars Capital?

Your agreed ARA or PIA repayments will remain at the current level until the end of the arrangement or if terminated in advance. However, the interest rate will increase in line with the (ECB) rate change. This will reduce the amount of capital repaid on your mortgage during ARA. In advance of the expiry of the arrangement period, we will write to you with the new repayment amount.

Contact Details

If you have any queries, or are worried about going into arrears please contact our Customer Support Team who are available to work with you Monday to Friday, 9am to 5:30pm:

• If you are an Oak Customer: please call 1800 852 940 or, if calling from abroad, +353 1 267 8033.

• If you are a Warrington Bay Customer: please call 1800 816 121 or, if calling from abroad, +353 1 526 8580.

• If you are a Snow Customer: please call 1800 816 207 or, calling from abroad, +353 1 525 5624.

• If you are a Barrow / Bullet Customer, please call 1800 816 295 or, calling from abroad +353 1 760 4704.