Help Managing Your Mortgage
At ICS Mortgages, we are committed to helping our mortgage customers through the good times and the bad.
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 will work with you, they are experienced and well trained in managing such challenges and will use their expertise to help find a resolution that suits your current situation.
Our focus is to keep our customers in their family home wherever possible, where they are working with us to prioritise their mortgage repayments.
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. Our mortgage support team will provide you with help and advice.
Click here for a copy of our MARP booklet
If your mortgage is secured upon 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; and ICS Mortgages will be happy to work with you to help find a solution. Please talk to us as soon as possible, the sooner you tell us the more we can do to help you.
Standard Financial Statement
To assess your case we will need you to complete a Standard Financial Statement (SFS), so 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 assistance completing it, you can call us and we can help you.
If you do not pay us a repayment instalment or other sum of money by the date you were due to pay it, we will continue to charge you interest on the amount that is outstanding, including the arrears, at the current rate of interest applied to your mortgage account. In addition, we will charge you 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
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. If you wish to seek advice and assistance from MABS the contact details are as follows:
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.
Mortgage Arrears Information Helpline: 076 10 74050 (9.30am – 5pm Monday to Friday).
www.keepingyourhome.ie – is provided by the Citizens Information Board and the Money Advice and Budgeting Service (MABS).
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.
Phone: 1890 777 777
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
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.