Local Authority mortgage payment break extended

Local Authority mortgage payment break extended thumbnail

The mortgage payment break for local authority home loan borrowers has been extended by three months. Monday, September 28, 2020 – 11:13 AMThe mortgage payment break for local authority home loan borrowers has been extended.Another three months has been added while the deadline to apply has been pushed out until the end of the year.Local authority home loan borrowers could already avail of two payment breaks totaling up to six months and borrowers who take up a third payment break will be contacted by their local authority during the payment break to assess their financial situation and discuss options if necessary.Minister for Housing, Darragh O’Brien said: “The simplified application process in place allows borrowers in distress to access a payment break quickly.”Any local authority home loan borrower facing difficulties due to Covid-19 are urged to contact their local authority as soon as possible, in particular, to access the application form and information that will be available on each local authority’s website.“Importantly, no additional costs to the original home loan balance arise for the borrower who avails of these measures, as borrowers are not charged interest for the period of the breaks.”

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Irish Examiner

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