5 Most Common Questions re Mortgages & COVID-19

We wish to reassure you that the health and wellbeing of our staff and clients are our top priorities at Murray & Spelman. We are following the World Health Organisation (WHO) guidelines as well as Irish health authorities. We are doing everything we can to ensure our staff members are fully supported to continue to maintain our high level of customer service to you.

At Murray & Spelman Financial Services, we are committed to supporting you, our client. We encourage you to contact us as soon as possible if you require advice or guidance during these unprecedented times.

This week, the government has come to an agreement with the five main lenders regarding loan term extensions. You may be wondering;

• What is a COVID-19 mortgage payment break?
• How do I apply for a mortgage payment break?
• Who is eligible to apply for a mortgage payment break?
• Is there any impact on stage payments?
• Will a mortgage payment break affect my credit record?

For customers who may be concerned that they won’t be able to maintain their mortgage repayments as a result of COVID-19, a three-month moratorium on your mortgage may be available. Some of the banks are also offering three months of Interest-only mortgage repayments. In order to avail of this option, you can contact the relevant bank. Please see phone numbers below:

Haven Mortgages: 01 665 8082 KBC: 1850 93 02 35

AIB: 01 772 6609 Ulster Bank: 01 709 2118

Bank of Ireland: 01 611 3333 Permanent TSB: 021 601 3800

It’s important that even in difficult times you make an informed decision. You should ask your bank to go through the Terms & Conditions before you make your mind up. However, for a brief overview of the COVID-19 mortgage deferrals, please see below:

During the 3 months you defer, your mortgage repayments interest that you don’t pay for this period will be added to your mortgage balance. When you revert to the full repayment, the interest that was not paid in the past 3 months will be added to your mortgage balance and spread over the remaining term of your mortgage. Ultimately this will end up costing you extra.

As this situation is rapidly evolving, we will regularly update the Murray & Spelman website and social media channels. In the meantime, we’d like to extend our best wishes and thoughts to you and your family during this difficult time.