What is MARP?
The Mortgage Arrears Resolution Process (MARP) is a process that all financial institutions must use to help customers in arrears or pre-arrears difficulty. If you are experiencing mortgage difficulties and approach us for help, we are committed to
- providing clear and transparent information,
- treating all customers fairly and equitably, and
- finding a solution that suits you and your circumstances
Here is our Guide to dealing with mortgage repayment difficulties, which explains the MARP process.
Why would I need to go through MARP?
You may need to go through MARP if:
- you have missed any repayments on your mortgage
- your financial circumstances have changed (or you expect them to change in the coming weeks or months)
- your ability to make your current repayments is/will be adversely affected
Contact the bank as soon as possible if you need to go through MARP.
How does MARP work?
To begin the process, you must complete and submit a Standard Financial Statement (SFS) form. Completing an SFS is the best way to get a clear picture of your finances. You will be able to identify expenses you can reduce or eliminate so you can prioritise your mortgage repayments.
Once this form has been received, the bank will assess your circumstances and explore all possible options to determine if we can offer you an alternative repayment arrangement. Throughout MARP we aim to communicate, offer support, and work together to find a resolution.
How do I complete the SFS form?
You can complete the SFS form in 3 ways:
- Online: You can now fill out and submit the SFS online, which may be more convenient than using paper forms. First, you must register for Mortgage Solution. Once registered, you can:
- complete the form
- upload your supporting documents
- submit the form online
- view the progress of your SFS once submitted and
- download, save, and print a copy of your completed SFS
If you have already registered for Mortgage Solution and wish to complete the SFS online or check on your submission, you can log in here.
When a decision has been made based on your circumstances and SFS, we will let you know through Mortgage Solution. If you receive an alternative repayment arrangement, you have 5 weeks to review and sign it online if you decide to accept it.
Phone: Call a member of our team on 01 4883046, and complete the form with them over the phone. You will need to send your supporting documents to us by post.
When a decision has been made based on your circumstances and SFS, a member of our team will contact you to let you know. If you receive an alternative repayment arrangement, we’ll send it to you by post or DocuSign.
Post: If you prefer to use the paper form, first read our guide to filling in the SFS and then download the SFS. You must print the form, fill it in by hand, sign and date it. Once your form is complete, you can post both the signed form and your supporting documents to us.
When a decision has been made on your circumstances and your SFS, a member of our team will contact you to let you know. If you receive an alternative repayment arrangement, we’ll send it to you by post or DocuSign.
Regardless of how you complete the SFS form and if you are offered an alternative repayment arrangement, you will have 5 weeks to review, sign, and return your repayment arrangement to us.
What if I’m not happy with the alternative arrangement or I’m not offered one?
If you are not happy with our decision, you have the right to appeal. We have set up an independent Appeals Forum/Board to hear and assess the appeal. We’ll include details of the appeals process in our future correspondence.
I completed the SFS form and entered an alternative repayment arrangement. However, it’s coming to an end. What happens next?
We will contact you 4 months before the end of your alternative repayment arrangement to outline your options and what they mean for your repayments and overall cost of credit.
- If you’re able to return to repaying your mortgage, you may choose to repay it within the remaining term without extending its period. Please contact a member of our team on 01 4883046 to discuss your options.
- If you want to repay the mortgage in full, contact our customer service team on 01 611 3333 for a redemption figure.
- If your financial situation has not changed, you may complete another SFS form to see if we can find a more suitable solution.
When you complete your SFS we will consider it carefully and sympathetically. However, we cannot promise that we will offer an alternative repayment arrangement in every case.
Full details of the Central Bank of Ireland’s Code of Conduct on Mortgage Arrears (CCMA) can be found on their website www.centralbank.ie