Small and Medium Enterprise (SME)
Need help & guidance with your SME mortgage repayments?
Mars Capital has established a policy to help you if you experience financial difficulty. A key objective of this policy is to assist borrowers to resolve their financial difficulties. We will work with you in a clear, supportive and confidential way and will attempt to find the right solution for you.
If you are concerned you may be in financial difficulty, please contact us on LoCall 1800 816 121 or, if calling from abroad, +353 526 8580.
The 4 Steps of a Credit Review...
Communication
If you are at risk of experiencing financial difficulties or fall into arrears, please let us know as soon as possible. We will offer you a credit review to help us understand your situation.
If you accept this offer, we will complete a full credit review, including your credit facilities, loan security, income and expenditure, and overall circumstances.
Credit reviews are also available even if you are not in financial difficulty, and we can arrange an annual review meeting with you.
Financial Information
To help us identify how best to assist you, we will ask you to complete an Income and Expenditure (I&E) form and provide supporting documentation so that we can assess your case accurately. You can find our I&E form here.
Assessment
Mars Capital understands that your circumstances are unique to you and will differ from other borrowers. Our team will use the information you provide to try and find the most appropriate and sustainable solution for you.
Resolution
Based on our assessment, we will propose an approach that we believe is appropriate for your situation. If we cannot find a solution, or if you do not accept the solution offered, we will discuss next steps with you.
By working together, we can identify the options available to help you address your financial difficulties.
Alternative Repayment Arrangement
After our assessment, we may offer an ARA that is appropriate for you. We will explain all the details and the impact on your mortgage account. You will then be able to consider your options and make a decision.
Our range of ARAs include:
Mortgage break. Pay nothing for an agreed time frame. Afterwards, your monthly repayments will increase to include the interest and principal amounts you did not pay.
Fixed payments. Pay a fixed amount for a short period of time to allow time to deal with financial difficulties. Afterwards, your monthly repayments will increase to include the interest and principal amounts you did not pay.
Full payment plus extra amount. Pay your regular monthly repayment and an extra amount to reduce your arrears within an agreed time frame.
Term extension. Extend the length of your mortgage term to reduce monthly payments to a level you can afford. Total interest paid will increase.
Arrears capitalisation. Add your arrears to your remaining mortgage balance. Your monthly repayment amount and total interest paid will increase.
Loan change. Switch your mortgage type. This may be from a fixed rate to a variable rate, for example.
Lower interest rate. Pay a lower interest rate for the remaining term of your mortgage.
Useful SME Download