Mortgage arrears

Being in mortgage arrears means that you have missed mortgage repayments. Missing a repayment can have a negative effect on your credit history If you can’t meet a repayment or think you may miss a repayment, you should contact your lender as soon as possible, preferably in writing.

If your lender contacts you by letter or phone, don’t ignore this. It is important that you co-operate with your lender. If you don’t cooperate, your home could be at risk of repossession.

What to do if you miss a mortgage payment

If you have missed a mortgage repayment, or think that you might, you should contact your lender as soon as possible.

If you think you might have ongoing issues making payments, you should look at your income and spending to make a debt action plan before contacting your lender. This information will help you when you talk to your lender. If you have a mortgage payment protection policy, you should also check if it covers mortgage repayments for a certain amount of time.

Under the Central Bank’s Code of Conduct on Mortgage Arrears, all lenders must have a Mortgage Arrears Resolution Process (MARP). This Code applies to the mortgage on your primary residence. All cases must be handled sympathetically and positively by the lender to help consumers meet their mortgage obligations.