If you’ve got other things to think about like maternity leave, education fees or home property improvements, we can give you a complete break (what we call a moratorium) from your mortgage for up to six months.
We will then spread those six months’ payments over the rest of your mortgage term so, when you start paying again, your repayment will be a little higher.
The Payment Holiday options are available to existing AIB PDH (Private Dwelling House) mortgage customers*, subject to approval.
*Existing owner occupier mortgage customers not in financial difficulty.
Interest Only Repayments
Or, if you would like, you may be able to make your payments interest-only for up to 12 months while not needing to pay the capital part of your repayment. At the early stages of your mortgage, the interest portion of your repayment is usually greater than the capital portion.
We will consider either of these breaks if you are already a customer of ours, repaying as contracted and living in the house yourself.
It is important to note that when the moratorium or interest only period ends, your monthly repayments over the remaining term of your loan will be increased to ensure that your mortgage will be repaid (together with interest due) within its original term.
To apply for either of these options, fill in the Payment Holiday Form and return it to your Mortgage Advisor or drop it in to any AIB Branch.