Supporting you during COVID-19
COVID-19 supports for mortgage customers
We’re here to help and are working hard to support you during this unprecedented and challenging time. Below you’ll find options that you can consider if you are experiencing temporary income reduction due to the current national health emergency. If you feel you might have longer term difficulty in meeting your mortgage repayments, we’re here to help. More information including where you can get independent support with managing your debt is available here.
To help you manage your mortgage loan you can apply for a COVID-19 3 month payment break.
NOTE: Closing date for applying for your first COVID-19 payment break is 30 September 2020.
At the end of your COVID-19 3 month payment break you will have options to:
- Return to repaying your mortgage
- Extend your COVID-19 payment break for another 3 months
- Extend the term (duration) of your mortgage loan by 3 months
Before the end of your 3 month payment break we will write to you with information on these options and how to avail of them.
What these options mean for you
Taking up an option such as a payment break or extending the term of your loan will mean you will pay more in interest over the life of your mortgage, i.e. the cost of credit on your loan will be greater.
For example, at the end of a payment break period your repayments are adjusted so your mortgage will be repaid within its agreed term. That means your ‘break’ repayments will be spread over your remaining mortgage, which means your new repayments will be higher than they were before the payment break.
If, following a payment break, you choose to extend the term of your mortgage loan, this will further increase the amount of interest you will pay over the life of your loan as the duration of your loan will be longer.
To save money, you should pay down your loan as soon as you can. This will reduce the amount of interest you will pay over the life of your mortgage. Even during a payment break we would encourage you to make full or partial repayments to your mortgage if you can afford it. See our FAQs for more information.
Apply online for a 3 month payment break or to extend your break to 6 months
The following are the criteria to qualify for a 3 month payment break or to extend your current 3 month payment break to 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. Alternatively you can request a call back by clicking the button below.
Payment Break Criteria
- 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 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.
Further assistance and other options at the end of my initial COVID-19 3 month payment break
If you require further assistance or if you want to enquire about other options available to you at the end of your payment break, such as extending your loan term (duration) which will return your repayments closer to pre-COVID-19 levels, complete the Call Back form and one of our customer service agents will call you to discuss this.
More information including where to get independent support with managing your debt is available here.
In our FAQs you will find a number of 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. You can also use our online calculator below to see what taking a payment break would mean for you.
COVID-19 Mortgage FAQs
Mortgage Protection 3 month payment waiver
For information on applying for a payment break on your Mortgage Protection Policy, please click here.
Bank of Ireland is regulated by the Central Bank of Ireland.
Bank of Ireland trading as The Mortgage Store – powered by Bank of Ireland is regulated by the Central Bank of Ireland.