Step 1 

Communicate 

If your finances have changed and you’re struggling with mortgage payments, please contact us right away.  Our highly trained Arrears Support Unit will help you find a solution.  

We have various financial solutions that may fit your situation.  If anything is unclear, you can always contact us for an explanation. 

If you prefer, send us a signed letter authorising someone else to represent you.  

Step 2  

Detail your finances 

To identify the right solution for you, we need to understand your financial situation.  The Central Bank of Ireland created a standard form to detail all your income and expenses.   

Please download, print and complete a Standard Financial Statement (SFS).  Contact us to receive it by post. 

The Central Bank has a guide for completing the SFS. 

We can also help you complete the SFS over the phone.  You can get independent advice from a financial advisor too.  For free financial advice, please see the Useful Resources section at the end of this guide 

Note that you must accurately complete the SFS form and provide all required documents. This will include bank statements, payslips, utility bills and other evidence of your income and expenses.  If you don’t, you may be classified as “not co-operating” and lose legal protections.  

Step 3  

Get assessed  

Once we have received all required documents, we will carefully review your financial situation based on your: 

• circumstances and likely changes in the future 

• overall debt level 

• Standard Financial Statement 

• repayment history and current capacity 

We will then write to you and explain our assessment.  In the meantime, you should pay as much of your mortgage repayments as you can afford.

Step 4 

Decide 

After our assessment, we may offer an alternative repayment arrangement (ARA) that fits your circumstances and our eligibility criteria.  This will be based on what we believe is appropriate and sustainable for you.  We’ll explain all the details and the impact on your mortgage loan account.  You’ll then be able to consider your options and make a decision. 

Resolution Options

We have a number of Alternative Repayment Arrangement (ARA) options we will explore to try to prevent your mortgage either falling into arrears, or going further into arrears. Not every option will be suitable for every situation. Following an assessment of your particular circumstances, we will determine which option(s) may work and be sustainable for you.

Our range of alternative repayment arrangements include: 

CMI Only

• Pay your full normal monthly mortgage repayment for a short period.

• Arrears are not reduced during the arrangement and must be cleared or capitalised later.

CMI Plus

• Pay your full monthly repayment plus an extra amount for an agreed period.

• The extra payment helps reduce arrears or demonstrate affordability for a long-term solution.

Fixed Payment Arrangement

• Pay a fixed, reduced monthly amount for a short, agreed period.

• This is a temporary measure to help during short-term financial difficulty.

Moratorium

• Make no mortgage payments for a short, agreed period in exceptional circumstances.

• Interest continues to apply and repayments will increase afterwards.

Temporary Arrangement

• Pay an amount you can afford for a short period while completing your financial assessment or dealing with an unexpected event.

• This prevents arrears increasing while a longer-term solution is considered.

Capitalisation

• Add your arrears to your remaining mortgage balance.

• Your arrears reduce to zero, but your monthly repayments and total interest increase.

Term Extension

• Extend the length of your mortgage to reduce your monthly repayments.

• Arrears must be cleared or capitalised first, and total interest paid will increase.

Interest Rate Reduction

• Reduce your mortgage interest rate permanently to lower your monthly repayment.

• Arrears must be cleared or capitalised, and the reduced margin remains for the life of the loan.

Post-Retirement Option

• Extend your mortgage term to age 95, with arrears capitalised and repayments reduced to remain affordable for life.

• The mortgage may be repaid from the borrower’s estate if not cleared during their lifetime.

If you have a tracker mortgage, you will not be required to change your mortgage type except in the circumstances set out in the Code of Conduct on Mortgage Arrears. 

Going forward, if you cannot meet the terms of your new repayment arrangement, please contact our Arrears Support Unit immediately.