Home Loan Mortgage Payment Break
Mayo County Council have been directed under Circular 03/2021 dated 27th January 2021, to offer local authority borrowers who consider themselves to be in financial distress arising out of the continuing COVID-19 situation, the option of a fourth mortgage payment break of 3 months.
As set out in Circular 9/2020, a mortgage payment break means that the borrower will make no mortgage payments for 3 months. Additional interest will NOT accrue to the borrowers account during the period of the payment break ensuring that no increased cost will arise. The monthly repayment following the break will be increased to facilitate the repayment of the loan over the remainder of the existing term of the loan.
The fourth mortgage payment break will allow for a mortgage payment break to a maximum of 12 months. Borrowers who have been approved for an initial mortgage payment break can now avail of the option of an additional mortgage payment break to 6 months, and borrowers who availed of an additional mortgage payment break can now avail of a third mortgage payment break to 9 months, and borrowers who availed of a third mortgage payment break can now avail of a fourth mortgage payment break to a maximum break of 12 months.
A closing date of the 31st March 2021 has been imposed as the last date for applications for an initial mortgage payment break.
The Department of Housing, Planning and Local Government have published an updated frequently asked questions document on the mortgage repayment break. Please see below.
Application forms are available below. Completed applications can be directed to housingloanrepayments@mayococo.ie
Telephone queries and further details are available at 094 9064672, 094 9064159 and 094 9064117.
The application form and FAQ can be accessed at the links below:
Application Form:
Home Loan Mortgage Payment Break – Initial Application Form
Home Loan Mortgage Payment Break – Additional Application Form
Home Loan Mortgage Payment Break - Third Application Form
Home Loan Mortgage Payment Break - Fourth Application Form
FAQ:
Home Loan Mortgage Payment Break – FAQ