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Mortgage payment break scheme will not be extended, Government confirms

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The Tánaiste said the banks agreed that solutions for those unable to resume full payments would be applied on a case-by-case basis.

THE GOVERNMENT HAS confirmed that the mortgage payment break will not be extended but that banks must continue to offer payment breaks to individuals and business that still need them.

The payment break, which was announced in March, is due to end on 30 September, prompting business groups and TDs to call for a further extension. 

Tánaiste Leo Varadkar, Finance Minister Paschal Donohoe and Public Expenditure & Reform Minister Michael McGrath today met with CEOs from AIB, Bank of Ireland, Ulster Bank, KBC, PTSB.

Following the meeting, the Tánaiste said the banks agreed that solutions for those unable to resume full payments would be applied on a case-by-case basis.

Varadkar also confirmed that customers who have difficulties at the end of the payment break will be supported with a range of options so that a suitable arrangement can be agreed. 

He said the pandemic meant that are people found themselves unable to repay mortgage and business loans through no fault of their own. 

“For this reason the banks must continue to offer payment breaks to individuals and business that still need them.

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“Following on from today, the banks agreed that this would be done on a case-by-case basis with other options also being made available; reduced payments and interest-only, for example,” the Tánaiste said. 

He said that anyone who is struggling should contact their bank and that he expects that arrangements will be made based on each individual’s circumstances.

The Tánaiste said that 30 September is not a “cliff edge” but is instead the last date by which people who don’t already have a payment break can apply for one.

“Banks must be understanding of people’s needs at this really difficult time and cognisant of the extraordinary year 2020 has been,” he said. 

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