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  • 29-09-2017 6:45pm
    #1
    BaldyRua
    Registered Users Posts: 14 ✭


    Hi

    Just a quick question you might be able to help me with, I applied for a 3 month payment break in my mortgage, I received some forms to sign today but there is also a direct debit mandate form and I'm wondering do I need to sign this also? The lady on the phone said the bank will just stop the payments for the 3 months then restart them again.

    Thanks


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    #2
    Bank of Ireland: Nicola
    Closed Accounts Posts: 735 ✭✭✭Bank of Ireland: Nicola


    BaldyRua wrote: »
    Hi

    Just a quick question you might be able to help me with, I applied for a 3 month payment break in my mortgage, I received some forms to sign today but there is also a direct debit mandate form and I'm wondering do I need to sign this also? The lady on the phone said the bank will just stop the payments for the 3 months then restart them again.

    Thanks
    Hi BaldyRua, thanks for getting in touch.

    Usually what happens at the end of the payment break period, is that your repayments will be adjusted so that your mortgage will be repaid within its original term. So your ‘Break’ repayments will be spread over your remaining mortgage, which means your new repayments will be higher than they were before the payment break.

    However, this will depend on the application that you've made so it is advisable to contact our team on 1890 818 522 (9am-5.30pm Monday to Friday) so that you can confirm if this is the case for your mortgage.

    Thanks, Nicola


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