Mortgage support

Missed repayments

• What happens if I miss a mortgage repayment?

  If you miss a mortgage repayment, we will send you a letter to confirm that the payment has been missed and give you instructions on what action to take next.

  • If you make your repayments by monthly direct debit, we will try to collect the repayment amount again within 10 days of the missed payment. It is your responsibility to make sure there is enough money available in your bank account for the re-presented direct debit to be successful.
  • If you make your repayments by standing order, cash, weekly or fortnightly direct debit, you will need to make a manual payment to pay off some or all the money you owe by bank transfer or debit card.

• What happens if my mortgage has been in arrears for 31 days or more?

  You are required to make your mortgage repayments in line with the credit agreement you signed when you applied for your mortgage. If your mortgage repayment has been left unpaid for 31 days or more, how we deal with it will depend on your specific financial circumstances.

  However, mortgages for primary residence properties that have been in arrears for 31 days or more will go through the following steps:

  1. Mortgage Arrears Resolution Process (MARP) begins – On day 31, we will send you a letter to confirm that we will now deal with your mortgage under the Mortgage Arrears Resolution Process (MARP). A brochure explaining the MARP and the protection it provides you with, will be enclosed with this letter.
  2. Report sent to the Central Credit Register (CCR) – By law, Bank of Ireland must report arrears to the CCR or to another credit reference agency (if appropriate), on a monthly basis. Remember, if your account falls into arrears it may affect your credit rating and limit your ability to access credit in the future.

• How can I make a payment towards my mortgage arrears?

  You can make a payment towards your mortgage arrears online, bank transfer or by phone. Online and phone payment options are available.

  Online

  Use our Mortgage Arrears Payment Service to make a payment by filling in your details. To make a payment, you’ll need your:

  • 7 or 8-digit mortgage account number – you can find this on your mortgage statement or certificate of interest
  • Property address – and billing address (if different)
  • Debit card – we cannot accept credit cards
  • Payment amount – to pay more than €1,500, call 01 488 3046, 9am to 6pm, Monday to Friday, and choose option 2 to speak to an advisor

  Bank transfer

  Make a payment directly from your bank or building society to the following account:

  BIC: BOFIIE2DXXX
  IBAN: IE16 BOFI 9000 3399 9477 03
  Reference: [Your mortgage account number]

  Phone

  Call our automated phone service on 1800 946 067 or +353 1 611 3305 and choose option one. To make a payment, you’ll need your:

  • 7 or 8-digit mortgage account number – you can find this on your mortgage statement or certificate of interest
  • Property address – and billing address (if different)
  • Debit card – we cannot accept credit cards
  • Payment amount – to pay more than €1,500, call 01 488 3046, 9am to 6pm, Monday to Friday, and choose option 2 to speak to an advisor

• Are there any fees and charges relating to mortgage arrears?

  When you miss a mortgage repayment, you’ll be charged interest on the amount you owe. This interest is the normal interest rate that applies to your mortgage. Additionally, if you fall into arrears, we may also charge you extra interest. The rate for this extra interest is 0.5% a month (equivalent to 6% a year).

  If your mortgage loan offer letter was from Bank of Ireland, there’s a minimum charge of €2.54 a month. If your mortgage loan offer letter was from KBC Bank Ireland plc, the extra interest is 1% a year on any amount you do not pay by its due date.

  This extra interest covers the increased administration and related charges due to your arrears. We do not charge this extra interest if we are dealing with your mortgage under the Mortgage Arrears Resolution Process (MARP).

• What happens if the bank takes legal action against me?

  If we get to the stage where we need to take legal action against you to repossess your property, we estimate that the legal costs will be more than €3,000 (and could be far more). That is our estimate of the costs for Circuit Court proceedings and includes an amount for solicitors’ fees, expenses, and VAT. It does not include barristers’ fees or other fees and costs that arise in some cases.

  If we repossess your property and sell it for less than the amount you owe us under your mortgage, you will still have to pay the remaining amount. We must subtract the cost of selling the property from the proceeds of the sale before we use the rest to repay your mortgage. For example, the cost of selling will include solicitors’ and estate agents’ fees and expenses. These costs are separate from the legal costs mentioned above.

Understanding the Mortgage Arrears Resolution Process (MARP)

• What is the Mortgage Arrears Resolution Process (MARP)?

  Under the Code of Conduct on Mortgage Arrears (CCMA), all financial institutions, including Bank of Ireland, must use the Mortgage Arrears Resolution Process (MARP) to help mortgage customers who are in arrears (or at risk of going into arrears). The MARP offers important protections to customers facing difficulties with their mortgage repayments on your primary residence (the home you live in as your main/only home in the Republic of Ireland or the only residential property you own in the Republic of Ireland, even if you do not live in it).

  Here are the key safeguards offered by the MARP:

  • Empathetic case handling – the lender will be sympathetic and positive when handling your case.
  • Protection from legal proceedings – you will be given eight months from the start date of your arrears or three months from the date an alternative repayment arrangement could not be agreed (whichever is later) before any legal proceedings begin as long as you co-operate with us. This gives you time to address your financial difficulties and work with us to find a solution.

  Overall, the MARP provides customers with a structured process for addressing missed mortgage repayments, exploring potential solutions, and working with their lender to find, when possible, a solution that is manageable and sustainable for their individual circumstances.

  If you fail to co-operate with Bank of Ireland you will be classified as not co-operating and will lose the protections afforded to you by the MARP.

• How does the Mortgage Arrears Resolution Process (MARP) work?

  You can find out everything you need to know about the Mortgage Arrears Resolution Process (MARP) in our Guide to dealing with mortgage repayment difficulties.

  Below is a brief summary of the MARP:

  1. As soon as mortgage arrears occur (typically when a full or partial mortgage repayment is missed), we will write to you. This letter will include details of the missed repayment and the total amount of arrears and will include an information booklet about MARP. We will also send you a Standard Financial Statement (SFS) for you to complete.
  2. You must complete and submit a Standard Financial Statement (SFS). A completed SFS is the best way for us to get a clear and detailed picture of your finances
  3. We’ll review your SFS, assess your circumstances, and explore all options to determine if we can offer you an alternative repayment arrangement.
  4. Once we have all the information we need to assess your situation, we’ll work as quickly as we can to find a suitable solution for you. We’ll talk you through the options that might be available to you which may include (but are not limited to):
     • Interest-only repayments
     • Reduced repayments
     • Term extension
     • Moratorium
     • Capitalisation of arrears

  Please note: Depending on your circumstances, we may not be able to find a suitable solution for you. If this is the case, we will write to you to explain why and tell you what happens next.

• Why do I need to go through the Mortgage Arrears Resolution Process (MARP)?

  You need to go through the Mortgage Arrears Resolution Process (MARP) if you are experiencing (or may be about to experience) difficulties making your mortgage repayments. You might find yourself in that situation because you:

  • experienced a significant change in your financial circumstances which makes it challenging to meet your mortgage obligations (for example, divorce, loss of employment, illness)
  • encountered temporary difficulties making your mortgage repayments due to unforeseen circumstances (for example, cost of living increases, unexpected bills, a decrease in income, natural disaster)
  • have fallen behind on your mortgage repayments and need help in managing or resolving your arrears to avoid further financial strain
  • struggled to keep up with interest rate increases which lead to higher mortgage repayments

Completing a Standard Financial Statement (SFS)

• What is a Standard Financial Statement (SFS)?

  The Standard Financial Statement (SFS) is a form specially designed by the Central Bank of Ireland, to help us complete a detailed assessment of your current financial circumstances and find a possible solution that works for you.

  Please note: When you complete the SFS we will consider it carefully and sympathetically. However, we cannot promise that we will offer an alternative repayment arrangement in every case.

• How do I complete a Standard Financial Statement (SFS)?

  You can complete the Standard Financial Statement (SFS) by post, over the phone with a Bank of Ireland team member, or online (if you meet certain eligibility criteria).

  • Post

    Download a copy of the SFS, print it, fill it in by hand, sign, date, and return both it and your supporting documents to:

    Arrears Support Unit
    Bank of Ireland Group
    Baggot Plaza
    27-33 Upper Baggot St
    Dublin 4
    D04 VX58

    Alternatively, if you’d prefer us to send you a copy by email or a paper SFS by post, call us on 01 488 3046, 9am to 6pm, Monday to Friday to request it.

  • Phone

    Call our dedicated team on 01 488 3046, 9am to 6pm, Monday to Friday. They will fill in and submit the SFS on your behalf, all you need to do is give them the required information over the phone and send the required supporting documentation.

  • Online

    Go to mortgagesolutionsfs.bankofireland.com/PreRegister, answer our eligibility questions, then follow the instruction to register for our Mortgage Solution platform. Once registered, you can:

    • complete and submit the form
    • upload your supporting documents
    • view the progress of your SFS (once submitted)
    • download, save, and print a copy of your completed SFS

  It is very important that you fill in the SFS fully, honestly, and accurately, and provide all the documentation we request. This allows us to assess your circumstances and help you find a possible solution, faster.

• What if I need help completing the Standard Financial Statement (SFS)?

  Please read our Consumer Guide to Completing the Standard Financial Statement (SFS) before you begin filling in the SFS.

  • If you’re completing a paper SFS – please call our dedicated Arrears Support Unit on 01 488 3046, 9am to 6pm, Monday to Friday. They can arrange for a branch adviser to meet you in any Bank of Ireland branch.
  • If you’re filling in the SFS online – tips on completing it can be found throughout the online form. Just move your cursor over the  symbol for more detail on completing the relevant section of the form.

  You can also contact the Money Advice and Budgeting Service (MABS) for free, independent, and confidential advice at mabs.ie or by calling 0818 07 2000.

  Alternatively, you can use the Insolvency Service of Ireland (ISI) tool to help you calculate your living expenses to better support your completion of the SFS.

Alternative repayment arrangements

• What is an alternative repayment arrangement?

  An alternative repayment arrangement is an agreement we can make if you’re facing difficulties with your mortgage repayments. It’s designed to help you manage your mortgage more effectively during challenging times.

  We have multiple alternative repayment arrangements and one of these, or a combination of them, could be suitable for you. How long an arrangement lasts will depend on your particular circumstances.

  The alternative repayment arrangements we provide are:

  Arrangement	How it works
  Interest-only payments	You pay only the interest on your mortgage for an agreed length of time.
  Reduced repayments	You pay more than just the interest, but less than your usual repayment, for an agreed length of time. At the end of that time, your mortgage repayments for the remaining term are recalculated. This means that your repayments will then increase.
  Moratorium	You stop making mortgage repayments for a short amount of time (up to three months). At the end of that time, your mortgage repayments for the remaining term are recalculated. This means that your repayments will then increase
  Term extension	The term of your mortgage is extended. This spreads the mortgage over a longer amount of time reducing the repayments.
  Capitalisation of arrears	All overdue repayments are added to the amount of your mortgage. Your mortgage repayments are then recalculated based on you repaying the mortgage amount plus the amount of missed repayments that have been added to it. This means that your repayments will increase
  Split mortgage	Your mortgage is split into two parts: You make an interest-only payment on the first part. You make a capital-and-interest repayment on the second part. Your capital and interest repayments clear the second part of the mortgage by the end of the mortgage term. The amount of capital (the actual loan) on the first part of the mortgage, which you only pay interest on, is not reduced over the term of the mortgage. You must pay it off in full at the end of the mortgage term. Please note: Before you enter into this arrangement you must identify how you expect to repay the part of the mortgage you are only paying interest on.
  Deferred interest	You pay only a percentage (no less than 66%) of the interest for an agreed length of time. The remaining interest is ‘deferred’ until the end of the agreed time. Your mortgage repayments are recalculated based on you paying off the mortgage amount plus the amount missed repayments that have been added to it. This means that your repayments will increase.

  If we decide to offer you an alternative repayment arrangement, we’ll write to you setting out the terms and conditions of that arrangement. It’s very important that you fully understand the new arrangement before you go ahead with it. That’s why we recommend you get independent legal or financial advice (or both) before you make any decisions. If you, or your advisers, have any questions about the alternative repayment arrangement, contact us and we will be happy to discuss these with you.

  Please note: An alternative repayment arrangement may reduce your mortgage repayments, but they will add to the overall cost of your mortgage over the term of the mortgage.

• Can I appeal if I’m unhappy with Bank of Ireland’s decision?

  When you receive our decision, you have 20 working days to appeal to an independent Appeals Board if you’re unhappy with our decision.

  You can decide exactly what to say in your written appeal, but you should include:

  • the correct mortgage account number
  • specific details of the reason for your appeal
  • any information you think we have not considered
  • any documents the Appeals Board may find useful when considering your appeal

  Send your appeal, in writing, to:

  Mortgage Appeals Board
  Bank of Ireland Mortgage Appeals Board
  Baggot Plaza
  Dublin 4
  D04 VX58

  The Appeals Board will:

  • write to you within 5 working days to confirm receipt of your appeal and give you the name of your point of contact for your appeal.
  • look into any appeal which they receive within 25 working days of the date of the original decision.
  • make a decision on your appeal within 40 working days of receiving it.
  • write to you within 5 working days of making their decision

  You will also receive regular written updates on the progress of your appeal.

  If you’re unhappy with the Appeals Board’s decision, you can refer the matter to the Financial Services Ombudsman by calling 01 567 7000 or visiting https://fspo.ie.

• My alternative repayment arrangement is ending. What happens next?

  We will contact you before the end of your alternative repayment arrangement to , review your situation and to try get you to move back to making full mortgage repayments if your financial circumstances have improved, we may require an SFS if your circumstances have changed.

The Central Credit Register (CCR)

• What is the Central Credit Register (CCR)?

  The CCR is a national database of customer and credit agreement information. It is operated by the Central Bank of Ireland under the Credit Reporting Act 2013. All lenders, including Bank of Ireland, must send customers’ personal and credit information to the CCR every month for existing loans of €500 or more. Banks and other financial institutions have access to reports of arrears, repossessions, restructure events and arrangements to deal with arrears. A report containing any of these things, could have a negative effect on your credit rating, making it more difficult for you to borrow from us or other lenders in the future. For example, you may have difficulty getting a loan or other credit.

• Will the Bank of Ireland report my missed mortgage repayment to the Central Credit Register (CCR)?

  By law, Bank of Ireland must report arrears to the CCR or to another credit reference agency (if appropriate), on a monthly basis. Remember, if your account falls into arrears it may affect your credit rating and limit your ability to access credit in the future.

Support and advice

• Who can I contact if I have questions or need support with mortgage arrears?

  If you’re experiencing any financial difficulties, missed repayments or are worried about your ability to make your mortgage repayments now and in the future, call our Arrears Support Unit on 01 488 3046, 9am to 6pm, Monday to Friday. Remember, the sooner you reach out to us, the sooner we can work together to find a possible solution for you.

  You can also get free, independent, and confidential advice from the Money Advice and Budgeting Service (MABS) at mabs.ie or by calling 0818 07 2000.

• Can I get independent advice about mortgage repayment difficulties?

  Yes. Here are some independent financial advisory organisations you can contact:

  • Money Advice and Budgeting Service (MABS)

    MABS is a free, confidential, and independent service for people in financial difficulty.

    Phone: 0818 07 2000, 9am to 8pm, Monday to Friday

    Website: mabs.ie/abhaile

    Email: helpline@mabs.ie

  • Insolvency Service of Ireland (ISI)

    The ISI is an independent government organisation with a range of solutions to problem debt. It has a regulated network of qualified professionals that can help you get back on track.

    Phone: 01 764 4200 or text GETHELP to 50015.

    Website: backontrack.ie

  • Citizens Information Board

    The Citizens Information Board is a national agency that provides information and advice on social services. They also run the Money Advice and Budgeting Service.

    Website: citizensinformationboard.ie

  • Central Bank of Ireland

    The Central Bank’s website provides independent information on financial products. There is also a full copy of the Code of Conduct on Mortgage Arrears.

    Phone: 01 224 5800

    Website: centralbank.ie

  • Competition and Consumer Protection Authority (CCPC)

    The CCPC provides information on financial products.

    Phone: 01 402 5555

    Website: ccpc.ie/consumers

  • Department of Social Protection

    This website provides information relating to Jobseeker’s Allowance, Mortgage Interest Supplement and other state benefits you may be entitled to.

    Website: welfare.ie

  • Office of the Revenue Commissioners

    The Office of the Revenue Commissioners’ website provides information on all tax credits and benefits you may be entitled to.

    Website: revenue.ie