I’ve lost my job – what do I do about my mortgage?
Firstly, try not to panic. You are not alone. The uniqueness about the world situation at present is that almost everyone is caught in some shape or form right now.
Engage early with your lender. All lenders have agreed with the Irish government that they will work with their customers to help them through this situation. Here are a list of lenders’ phone numbers.
Permanent TSB – 1890 664 433
Bank of Ireland – 01 611 3333
KBC – 1800 939 244
Ulster Bank – 1800435 763
AIB – 1890 252 008
Haven – 1850 654 329
ICS Mortgages -1890 427 427
What options are available?
That will be agreed between you and your lender but broadly speaking the options fall into 3 main categories.
- Complete capital and interest repayment holiday for 3 months.
- Interest only repayable for 3 months.
- Reduced mortgage payable for 3 months.
Remember, any temporary arrangement in relation to forbearance is going to cost you more over the term of your mortgage.
Gerry Farrell is a personal finance expert and manager of Castle View Financial Services, and a regular contributor on KCLR Live at 10.30am each Tuesday morning. Gerry is offering free, no obligation advice to all as we steer through this unprecedented situation.