Council Confirm arrangements for Home Loan Mortgage Payment Break

Mayo County Council has confirmed arrangements are now in place for home loan borrowers who may be experiencing a reduction in their income arising from the Covid-19 emergency and may not be able to make repayments on their loans.

A Mortgage Payment Break of up to three months is now available to those who need it. These arrangements have been put in place following a directive by Minister for Housing, Planning and Local Government, Eoghan Murphy, TD, advising that arrangements are to be put in place to support local authority borrowers who are experiencing financial distress arising out of the Covid-19 emergency.

A mortgage payment break means that the borrower will make no mortgage payments for up to three months. Additional interest will not accrue to the borrowers account during the period of the payment break ensuring that no increased cost will arise. The monthly repayment following the break will be increased to facilitate the repayment of the loan over the remainder of the existing term of the loan. This facility applies to all local authority home loan products.

Director of Finance at Mayo County Council, Peter Duggan, confirmed that arrangements are in place at Mayo County Council to deal with any applications. He outlined: "I invite anyone who may be experiencing difficulties to contact the Finance Department here at Mayo County Council by telephone or email. Application forms are available on www.mayococo.ie Completed application forms should be emailed to [email protected]."

Cathaoirleach of Mayo County Council, Cllr Brendan Mulroy, welcomed the Circular from the Department, saying: "We are experiencing extraordinary times and any measures that can be put in place to assist financial commitments for individuals at this time are most welcome. I would encourage any borrowers with Mayo County Council who may find themselves in difficulty at this time to make contact."

 

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