Supporting you during COVID-19


COVID-19 supports for mortgage customers

We understand that COVID-19 has financially impacted many of our customers and we are working hard to support you during this unprecedented and challenging time.

If your income has been impacted by the current national health crisis and you want to apply to extend your 3 month payment break or find out about other options to help you manage your mortgage, we can help. We have a range of solutions that may suit you depending on your circumstances.

  1. For customers who have not yet availed of a COVID-19 payment break: The closing date for applying for a first COVID-19 payment break was 30 September 2020. However if you are experiencing financial difficulty we have Other Supports available that might help. Click here.
  2. For customers who are coming to the end of a COVID-19 3 month payment break: If you have received a letter from us detailing the options available to you at the end of your 3 month payment break – Click here. (If you haven’t received this letter from us we’ll send it to you before the end of your 3 month payment break – you don’t have to do anything until you receive it).
  3. Coming to the end of an extended (6 month) payment break: If you have received a letter from us detailing the options available to you at the end of your extended (6 month) payment break – Click here. (If you haven’t received this letter from us we will send it to you before the end of your extended payment break – you don’t have to do anything until you receive it).

Important notes

  • Paying down your loan: Paying down your loan as soon as you can will reduce the amount of interest you will pay over the life of your mortgage, while options such as extending the term (duration) of your loan will cost you more in interest. (By way of a ‘cooling off period’, you have control over your repayments during a payment break and there is no cost to you for making repayments to your mortgage loan while you are on a payment break. Even if you are on a fixed interest rate, you can make a payment of your normal repayment amount plus 10% without cost.)
  • Arrears and the Central Credit Register: Your mortgage loan will not go into arrears as a result of availing of a Payment Break. There will be no adverse impact on your credit records in the Central Credit Register or the Irish Credit Bureau if you avail of a payment break as a result of being financially impacted by COVID-19.

Frequently Asked Questions

More information is in our FAQs including examples showing indicative monthly repayments and the total repayable over the life of the loan if taking a 3 month or 6 month payment break.

COVID-19 Mortgage FAQs

1. Coming to the end of a 3 month payment break

At the end of your COVID-19 3 month payment break we will write to you with details about the following options including what they mean for you:

  1. Return to repaying your mortgage: You don’t need any further assistance and you wish to return to full mortgage loan repayments after your payment break. If you choose this option you don’t have to do anything. We will write to you with details about your new repayments and when they will start again.
  2. Extend your payment break: If you are still experiencing a temporary interruption in your income you can extend your COVID-19 payment break for an additional 3 months to a total of 6 months. If you choose this option:
    1. Your repayments for the extended (6 month) break will be zero (i.e. you will not repay any capital nor pay any interest) during that time.
    2. Your ‘break’ repayments will be added to the amount you owe and your repayments will be adjusted so your mortgage will be repaid within its agreed term.
    3. This means your repayments will be higher than they were before your payment break and you will pay more in interest over the life of your mortgage, i.e. the cost of credit on your loan will be greater than it would be without the extended payment break.
  3. If you wish to apply to extend your COVID-19 payment break, Click here.

  4. Extend the term of your mortgage by 3 months: Extending the term (duration) of your mortgage loan by 3 months will bring your repayments closer to where they were before your payment break. If you choose this option the overall cost of credit on your loan will be higher than it would be without extending your loan term. If you wish return to repaying your mortgage and extend your term, complete the call back form form and one of our customer service agents will call you to discuss this.
  5. Other supports: If you are concerned you may experience longer term financial pressure and would like to explore additional supports to help you repay your mortgage loan, we are here to discuss this with you. Click here for more information.

2. Coming to the end of an extended (6 month) payment break

At the end of your COVID-19 6 month payment break we will write to you with details about the following options including what they mean for you:

  1. Return to repaying your mortgage: You don’t need any further assistance and you wish to return to full mortgage loan repayments. If you choose this option you don’t have to do anything. We will write to you with details about your new repayments and when they will start again.
  2. Extend the term of your mortgage by 6 months to help manage your repayments: Extending the term (duration) of your mortgage loan by 6 months will bring your repayments closer to where they were before your payment break. If you choose this option the overall cost of credit on your loan will be higher than it would be without extending your loan term. If you wish return to repaying your mortgage and extend your term, complete the call back form and one of our customer service agents will call you to discuss this.
  3. Other supports: If you are concerned you may experience longer term financial pressure and would like to explore additional supports to help you repay your mortgage loan, we are here to discuss this with you. Click here for more information.

Apply to extend your payment break to 6 months

Payment Break Criteria

The following are the criteria to qualify to extend your payment break for another 3 months to a maximum of 6 months.

NOTE: If you feel you may not fully meet these criteria, you can still complete the online application form and one of our customer service agents will call you to discuss your request.

  • This is a precautionary1 request (no income reduction has occurred but a safety net is required) or reflects a temporary reduction in your income which has occurred as a result of the current health crisis and you were not concerned about your ability to meet your repayments prior to COVID-19.
  • You are not in a forbearance arrangement with the Bank or, if you are, you have met all terms and conditions for a minimum of 12 months.
  • You were not in arrears prior to March 2020 on any mortgage account or other BOI loan.
  • Your mortgage loan was approved or drawn down prior to 17 March 2020.

Applications are subject to approval. Qualifying criteria and terms and conditions apply.

Apply Now

Other Supports

If you are concerned you may experience longer term financial pressure and would like to explore additional supports to help you repay your mortgage loan, we are here to discuss this with you.

We will need you to complete a Standard Financial Statement (SFS). The SFS is a standard form set out by the Central Bank of Ireland designed to let you give us an accurate picture of your financial circumstances. In addition to helping us find the best solution for you, it ensures that we meet our duty to give you the full benefit of the legal protections that apply to you.

Complete this form to give us an indication about the kind of support you will need. It will also direct you to where you can download an SFS to complete. Once you send your SFS to us with the required supporting documents we will be in touch to discuss it with you.

If you need help completing your SFS please contact us on 07662 44444. Our team are trained to assess the suitability of measures that may be available to you and will help you to determine the most appropriate action for your particular circumstances.

NOTE: If you avail of other supports with us to help you manage your mortgage repayments, this will be treated as forbearance (i.e. a special arrangement) and it will be recorded under your credit records with the Central Credit Register and the Irish Credit Bureau.

More information including where you can get independent support with managing your debt is available here.

Information and Legal Notices
1 Please be aware that taking a break in your mortgage repayments will mean you will pay more interest over the remaining term of your loan.