Six-month mortgage breaks being considered as Covid-19 crisis continues

Six-month mortgage breaks being considered as Covid-19 crisis continues

Over 45,000 three-month mortgage breaks have been granted or are close to completion.

The number is believed to be an under-estimation though as reports are still due back from credit service firms and non-bank lenders.

The Banking and Payments Federation is also in talks with the Central Bank of Ireland (CBI) over measures they may have to take in the future.

CEO Brian Hayes says six-month breaks are being negotiated.

"We are in discussions with the regulator at the Central Bank of Ireland at the moment," said Mr Hayes.

"Across the European Union banking business model, six-month breaks have been proposed.

"We said initially it would be three months and then a review. We are working with the CBI right now to looking at another three months for those affected customers."

    The latest restrictions in operation since Friday, March 27 mandate that everyone should stay at home, only leaving to:
  • Shop for essential food and household goods;
  • Attend medical appointments, collect medicine or other health products;
  • Care for children, older people or other vulnerable people - this excludes social family visits;
  • Exercise outdoors - within 2kms of your home and only with members of your own household, keeping 2 metres distance between you and other people
  • Travel to work if you provide an essential service - be sure to practice social distancing

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