National Irish Bank, in line with the Central Bank of Ireland's Code of Conduct on Mortgage Arrears, has introduced a five step Mortgage Arrears Resolution Process (MARP) to help customers who are having challenges in meeting their mortgage repayments now or who feel they may have difficulty meeting their mortgage repayments in the future.
The MARP only applies if the mortgage relates to your primary residence or a residential property in the Republic of Ireland which is the only residential property you own.
See below for the 5 simple steps to help you with your mortgage in challenging times or read the full brochure on our Mortgage Arrears Resolution Process.
- Talk to us
The most important step is to talk to us as early as possible, whether you have had trouble meeting mortgage repayments or are concerned that difficulties may arise in meeting your repayments in the future; we are here to help and will do everything we can to help you get back on track. One of our dedicated advisors will be happy to meet you or talk to you over the phone – together we can try to find a way to make things more manageable. Our advisors can be contacted on our dedicated phone line below - calls may be recorded. Telephone 1890 818822.
- Understanding your finances
When you meet with us we will help you complete a full review of your financial situation using a Standard Financial Statement (SFS). This will help us to work out a picture of your finances. Before we can do this it would be useful if you could prepare a budget that shows what you are being paid and all your expenditures including all other loans and financial commitments. Before you complete the SFS, please read the Central Bank document Mortgage Arrears - A Consumer Guide to Completing a Standard Financial Statement. You may wish to seek independent advice when completing the SFS, such as from your local Money Advice & Budgeting Services (MABS) office. www.mabs.ie, www.keepingyourhome.ie
- Making an assessment
Once we have a full picture of your finances, one of the advisors in our dedicated Arrears Support Unit will look at your financial situation on a case by case basis. They will then work with you to see what the best options for helping to get you back on track are.
- Looking at your options
When reviewing your home loan with you we will consider the following alternative repayment arrangements with the aim of arriving at a mutually agreeable outcome:
- Interest only payments – where you only pay the full interest on your mortgage for a period of time
- Interest & part capital payments - where you pay the full interest and a reduced amount of capital
- Payment moratorium – where you suspend your full payment for a period of time
- Increase the term of your mortgage – this will reduce your monthly payment amount
- Amending your mortgage to a different type – for example changing from a variable rate to a fixed rate, which may make budgeting easier
- Capitalising the arrears and interest – this may be suitable where you have recovered from a temporary loss of income.
When an alternative repayment arrangement has been agreed we undertake to review it with you at least every 6 months.
- We do not apply additional charges or surcharge interest to mortgage customers who are in arrears. However, if a reduced payment or a payment moratorium is agreed this may increase the term of the mortgage and the overall amount of interest paid.
- If you have a tracker mortgage we will not require you to change it to another mortgage type as part of an alternative repayment arrangement.
- Appealing a decision
If for whatever reason you are not happy with the decision of the Arrears Support Unit or treatment of your case under the MARP or if you do not believe we have been compliant with the Code of Conduct on Mortgage arrears, you can submit an appeal in writing to our Appeals Board at the following address within 20 business days of receipt of the decision.
National Irish Bank Appeals Board
Arrears Support Unit
1 Airton Close
Following this if you are unhappy with the decision of the Appeals Board you have the right to refer the matter to the Financial Services Ombudsman at 3rd Floor, Lincoln House, Lincoln Place, Dublin 2. www.financialombudsman.ie
Telephone 1890 88 20 90 or 01 6620899