1) Mortgage on Primary Residences
IBRC has a Mortgage Arrears Resolution Process (MARP) in place for mortgage customers who are in arrears in relation to a mortgage on their primary residence, or who feel they may have difficulty meeting future payments.
Primary Residence means a property which is:
(i) the residential property which the borrower occupies as his/her primary residence in this State; or
(ii) a residential property in this State which is the only residential property owned by the borrower.
Please see below for the 5 simple steps that we will follow to help us work together to resolve your repayment difficulties, or read the full Mortgage Arrears Resolution Booklet.
STEP 1 Communication –Talk to us
STEP 2 Financial Information
STEP 3 Assessment
STEP 4 Resolution
STEP 5 Appeals
STEP 1 Communication –Talk to us
Please do not ignore the problem. IBRC has a dedicated Mortgage Arrears Support Unit (ASU) available to work with customers who are having repayment difficulties or who are worried that repayment problems may arise.
If you consent in writing, we will liaise with a third party on your behalf, if you wish us to do so in relation to your repayment difficulties.
To speak to a member of the Mortgage Arrears Support Unit please call us on +353 (0)1 6096182.
We are available to take your call between the following times:
Monday-Wednesday 9am-8pm, Thursday 9am-7pm
Friday 9am-5pm
Alternatively if you wish to discuss the situation in person please call us to arrange an appointment.
STEP 2 Financial Information
Our aim is to work with you to understand your financial situation. Once you make initial contact with us, we will ask you to complete a Standard Financial Statement (SFS) detailing all of your income and expenditure. We can help you complete this document or alternatively there is a guide to completing the Standard Financial Statement available on our website here and on the Central Bank website, www.centralbank.ie.
It is important that you complete the SFS fully. Given its importance, you may wish to seek independent advice to assist you when completing the SFS; for further details please refer to page 10 of the Mortgage Arrears Resolution Process Booklet.
IBRC will need you to provide supporting documentation with the completed SFS including three recent payslips and/or social welfare certificates. If you are self employed we will require a copy of your most recent business accounts. We may also require copies of recent current account statements. Our Mortgage Arrears Support Unit will contact you in relation to any additional documentation that may be required. Once we receive the completed SFS and supporting documentation, it will be assessed by our Mortgage Arrears Support Unit. If we have any questions or require additional information we may contact you to discuss the SFS further.
STEP 3 Assessment
Customer circumstances differ and as a result our Mortgage Arrears Support Unit will apply a flexible approach to assist you in so far as this is possible. We will assess your case based on:
- your particular individual circumstances
- your overall indebtedness
- the information provided in your SFS
- your repayment capacity
- your repayment history
Having reviewed your details we will explore all available options that may be appropriate for your particular circumstances.
STEP 4 Resolution
IBRC will explore alternative repayment options in order to determine which option(s) may be appropriate for your particular circumstances, and such alternative repayment options may include:
- Interest only repayment (capital moratorium)– this is where you pay interest only on your mortgage for a specified period of time before going back to regular payments of capital and interest at a later date.
- Interest and part capital repayment – this is where you pay the interest on your mortgage, as well as a reduced amount of capital, for a specified period of time, before going back to regular payments of capital and interest at a later date.
- Full repayment moratorium – this option allows you to defer paying all or part of your mortgage repayment (capital and interest) for a specified period of time. For example, if you have a temporary shortfall of income.
- Extending your mortgage term – this means lengthening the duration of your mortgage in order to reduce the monthly repayment due. Please note life cover may be required under this option which would reduce any potential saving on your monthly repayment.
- Capitalising the arrears – this option may be suitable in circumstances where you are unable to discharge the arrears, but are in a position to discharge a monthly repayment to repay the debt over the remaining term of your mortgage.
- Changing the type of mortgage – this option may be applicable if another type of mortgage is better suited to your current circumstances. For example changing from a fixed rate to a variable rate.
- Deferred Interest Scheme – this may be an option subject to qualification criteria.
| Customers who have tracker mortgages will not be required to change to another mortgage type in order to avail of an alternative repayment arrangement. |
STEP 5 Appeals
IBRC has established an Appeals Board to consider and independently review any of the following:
- The decision of IBRC’s Mortgage Arrears Support Unit
- How IBRC has treated you under the Mortgage Arrears Resolution Process
- IBRC’s compliance with the Code of Conduct on Mortgage Arrears
The appeals process is as follows:
All appeals must be submitted in writing within 25 business days from the date you receive written notification of the decision of the Arrears Support Unit. The letter must be sent to the Mortgage Appeals Board, c/o Arrears Support Unit, IBRC, 2 Grand Parade, Dublin 6.
IBRC will acknowledge each appeal in writing within 5 business days of the appeal being received and provide you with the name of the individual appointed by IBRC to be your point of contact in relation to the appeal.
IBRC will provide you with regular written updates on the progress of the appeal, at intervals of not greater than 20 business days.
IBRC will consider and adjudicate on the appeal within 40 business days of having received the appeal. IBRC will notify you in writing within 5 business days of the completion of its consideration of your appeal. If any alternative repayment option is proposed, the Appeals Board will explain that option to you in writing.
If you are not satisfied with the decision of the Appeals Board you are entitled to make a complaint to the Financial Services Ombudsman (FSO).
You can contact the FSO as follows:
Phone: 1890 88 20 90
Fax: 01 662 0890
Post: Financial Services Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2
Email: enquiries@financialombudsman.ie
Charges for Non Co-operating Borrowers* who were residential mortgage customers of Irish Nationwide Building Society until 1st July 2011
- Direct Debits/Cheques returned unpaid:€25.39 per item
- Conversion from Annuity Loan to Endowment or Endowment to Annuity Loan: €190.46
- Conversion fee for transfer from Variable to Fixed Rate Loan: €190.46
- Customer Letters: €12.70
- Customer Visits: €31.74
- Call-Out Rate: hourly call out rate per person for attending repossessions €31.74
Valuation Fee for a Mortgage in Arrears: €25.39 plus expenses
Charges for Non Co-operating Borrowers* who originally took out their mortgage loan from IBRC (formerly Anglo Irish Bank Corporation Limited)
- Unpaid items €10.16
- Drafts €6.35
Also Surcharge Interest at 4% over the current applicable interest rate for your mortgage. See general terms and conditions for further details
*Non Co-operating Borrowers:
A borrower can be considered not co-operating with IBRC when any of the following applies:
(a) the borrower fails to make a full and honest disclosure of information to IBRC, that would have a significant impact on their financial situation;
(b) the borrower fails to provide information sought by IBRC relevant to the borrower’s financial situation; or
(c) a three month period elapses during which the borrower:
(i) has failed to meet his/her mortgage repayments in full as per the mortgage contract or has failed to meet in full repayments as specified in the terms of an alternative repayment arrangements; and
(ii) has not made contact with, or responded to, any communication from IBRC or a third party acting on IBRC’s behalf.