Changes in your circumstances can put huge pressures on your finances and can quickly result in a missed mortgage repayment and your account falling into arrears.
If you are having difficulty meeting your mortgage repayments, or fear you may be getting into financial difficulty, please talk to us as soon as possible, the sooner you tell us the more we can do to help you.
The team in our Arrears Support Unit are committed to working with you to find a suitable solution that addresses your current situation.
Mortgage Arrears Resolution Process (MARP)
The Central Bank of Ireland has implemented a code of conduct for mortgage providers designed to protect your family home or primary residence in times of financial stress. The Central Bank’s Code of Conduct on Mortgage Arrears (the Code) applies to a mortgage taken out on your “Primary Residence”. This is either a residential property which you occupy as your family home, or is your only residential property in the State.
Under the mandate of the Code, ICS Mortgages has introduced a process designed to assist customers who are in arrears with their mortgage repayments or at risk of going into arrears. This four-step process is called the Mortgage Arrears Resolution Process (MARP). If you would like to know more about MARP or would like to get the process started, please contact us and our support team will provide you with help and advice.
If you have a mortgage on a property that is not your Primary Residence, (for example a buy-to-let investment property) and you are having difficulty meeting your mortgage repayments; although you do not benefit from the protections of The Mortgage Arrears Resolution Process (MARP), there are other protections available to you. Please talk to us as soon as possible.
Standard Financial Statement
To assess your case we will need you to complete a Standard Financial Statement (SFS).
If you would like to get the MARP process started straight away, simply complete the SFS and send it to us by email or post. If you need help completing it, simply call us and we can help with this. You can also visit the Central Bank of Ireland's Consumer Guide to Completing a Standard Financial Statement to help you fill out your SFS.
If you do not pay a repayment instalment or other sum of money by the date you were due to pay it, you will continue to be charged interest on the amount that is outstanding, including the arrears, at the current rate of interest applied to your mortgage account. In addition, you will be charged an administration fee of a minimum of €2.54 per month or part of a month. We do not charge borrowers an administration fee when they are both (a) in a Mortgage Arrears Resolution Process under the Central Bank’s Code of Conduct on Mortgage Arrears; and (b) are cooperating reasonably and honestly with us.
Useful Contact Information
Please contact our Arrears Support Unit if your financial situation has changed recently or you are concerned about your finances.
Money Advice and Budgeting Service (MABS)
If you would like to seek independent financial advice or assistance completing the SFS please contact your financial adviser or the Money Advice and Budgeting Service (MABS). MABS offers free and confidential independent advice and assistance with managing your finances.
The Citizens Information Board
This is the statutory body which supports the provision of information, advice and advocacy on a broad range of public and social services including money. They also run the Money Advice and Budgeting Service.
This service is provided by the Citizens Information Board and the Money Advice and Budgeting Service (MABS). It aims to provide comprehensive information on the services and entitlements available if you are having difficulties paying your rent or making your mortgage repayments.
The Central Bank of Ireland
The Central Bank’s website provides comprehensive information on the services and entitlements available to mortgage holders who may be experiencing difficulties making mortgage repayments.
They also have a consumer guide to dealing with your lender on the Code of Conduct on Mortgage Arrears.
Office of the Revenue Commissioners
This website will explain all the information on tax credits and benefits you may be entitled to.
Insolvency Service of Ireland
The Insolvency Service of Ireland (ISI) is an independent government organisation with a range of solutions to problem debt – including mortgage arrears. Under the Personal Insolvency Act 2012, you have the right to consult with a Personal Insolvency Practitioner. For more information please refer to their website.