I have missed or I am worried I will miss a mortgage repayment
If you’ve missed a mortgage repayment your account is in arrears. That means we will charge you more interest. We have to report your missed repayments to the Central Credit Register. Because other lenders can see your report (which you can also see by contacting centralcreditregister.ie), it means you may have difficulty getting a loan in the future. It will cost more over the long term if your mortgage is in arrears. Here is what you should do as soon as possible.
Pay back the missed repayments as soon as you can
You can make a mortgage repayment any time day or night by using our automated phone service by following the instructions. Calling us on 0818 251 008 is normally the quickest and easiest way to make repayments, but you can also make a repayment using internet banking, or pay in a branch.
I can't clear the arrears or I am worried about making repayments
Your next step is to fill out a Standard Financial Statement which will give us a full description of your finances. Start your SFS here.
Filling out the SFS is part of the Mortgage Arrears Resolutions Process or MARP to help you deal with missed repayments on your mortgage.
How we have helped other customers in your situation
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Aine and Cathal's story
Aine and Cathal had planned their finances assuming two incomes. But Aine was now working reduced hours and Cathal was out of work. They reduced spending as much as possible and savings were running low. It seemed certain that they would miss a mortgage repayment soon. Aine called us to see if we could help. Our agent Chris was very helpful and showed them how to fill out a Standard Financial Statement (SFS) online, which was very handy for them. We organised a mortgage repayment solution which has lower monthly repayments for a fixed amount of time. “It was a relief to be back on track - we had a plan to avoid arrears''. Start your SFS here
Aine and Cathal also used our budgeting page during this period.
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Sinead's story
Sinead had never had any money worries but suddenly she missed a mortgage repayment when her household bills increased. She read up online about the Mortgage Arrears Resolution Process (MARP) and also used our budgeting tool to track her income and household expenses. Once she felt more informed she called us. The agent was friendly and helped her to make a payment to her mortgage account using her debit card to get her mortgage back on track. Sinead told the agent that she feels more in control of her finances after using the budgeting tool and can prioritise her mortgage repayments.
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Greg and Susan’s story
Greg and Susan were separated and Greg no longer lived at the family home. They still had a joint mortgage but because of lower incomes, their mortgage went into arrears. Greg and Susan both filled out the Online SFS separately. Then we were able to work out an arrangement where they paid reduced monthly repayments. It was going to take a little while longer to pay off their mortgage, but they could get their mortgage back on track. If you’re behind on your mortgage and can’t catch up on your repayments, fill out an SFS form as soon as you can.
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Claire's story
Claire could afford to make her mortgage repayments and her repayments were up to date but she wanted to take a break while she was on maternity leave. We organised a flexible payment plan which meant a break on her mortgage repayments for a fixed amount of time.
What happens if I don’t contact you and work with you to find a resolution?
If you don’t contact us and work with us to get a resolution, it means under the Mortgage Arrears Resolution Process (MARP) that you may be considered as not cooperating with us. This has special meaning and it has consequences such as, you will no longer have the protection of MARP.
We can legally repossess your property. If we take legal action and repossess your property, you’ll still have to pay any costs associated with the sale of the property, such as outstanding debt (including any arrears), interest and charges, selling and related costs and legal costs – these can vary but will be at least €4,500 and may be more.
Classification as not co-operating may affect your eligibility for inclusion in a Personal Insolvency Arrangement in the future under the Personal Insolvency Act 2012. Information on the Insolvency Service of Ireland can be found at www.backontrack.ie.
What else should I consider?
Change the type of mortgage - You may have the option to change the type of mortgage you have which could reduce your repayments depending on the type of mortgage you are currently on Mortgage Interest Rates Ireland, Fixed Rate and Variable Rate Mortgages | AIB
Loan to Value (LTV) band movement - You may have the option to move to a lower LTV band as the loan to value on your mortgage reduces. LTV band movement (aib.ie)
Mortgage Payment Protection Insurance or PPI – If you took out PPI you may want to make a claim on your policy. To register a claim or for more details contact your Mortgage Payment Protection Provider.
Make sure to claim any tax credits and social welfare entitlements, such as Mortgage Interest Supplement, that are available for you.
Customers affected by Defective Concrete Blocks (DCB)
We have a team dedicated to supporting you.
Please email us your name, contact number, address of the property, and your mortgage account number to dcb@aib.ie and a member of our DCB
team will call you.
For more information on the Government DCB Grant Scheme please check this link Schemes for houses affected by pyrite or mica (citizensinformation.ie)
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