Mortgage Payment Break
To apply for a Mortgage Payment Break of up to three months on your Westmeath County Council home loan under the COVID-19 emergency measures, you must have experienced a reduction (or anticipate suffering a reduction) in your income arising from the COVID-19 emergency and you are unable to make repayments on your home loan.
This mortgage payment break is also open to Westmeath County Council borrowers who are currently in arrears and further impacted by Covid-19. In this case you must be currently engaging with Westmeath County Council in relation to your arrears and complying with relevant conditions set by them. However, it is recognised that some borrowers may have entered into arrears arising out of COVID-19 and not yet entered into a repayment plan. If you have entered into arrears, due to the Covid-19 emergency, from March 2020 you are considered eligible to apply for a mortgage payment break.
You should only apply for a mortgage payment break if you consider that you need it. Independent financial advice is available through the Money Advice and Budgetary Service (MABS). Please see www.mabs.ie to find details of your local office.
Mortgage Payment Break details are:
- Your home loan account is paused for the Mortgage Payment Break period.
- No interest is charged during the Mortgage Payment Break period.
- The term of your home loan remains unchanged (i.e. if the original term/maturity date is July 2035 – this will remain at July 2035 after the Covid-19 mortgage payment break).
- Your home loan repayments recommence after the Mortgage Payment Break period at a higher amount than before the Mortgage Payment Break. This is necessary to ensure that your home loan will be repaid in full within its original term.
- Apply Online
- Download the Application Form
Further details on the Mortgage Payment Break, including the financial impact for borrowers, are contained within the Home Loan Mortgage Payment Break Frequently Asked Questions document available here.
For those borrowers who pay their Mortgage Protection Insurance (MPI) as part of their monthly payment to their Westmeath County Council, you will be required to repay the MPI premia to Westmeath County Council by either continuing paying it through the Mortgage Payment Break period, or pausing payments but paying the amount owed to the LA . If you choose to pause MPI payments Westmeath County Council will contact you with repayment options for the relevant amounts. You will resume paying your MPI premium as part of your monthly home loan repayment after the Mortgage Payment Break period. In the interim, your MPI premium will continue to be paid on your behalf by your Westmeath County Council and your insurance cover will remain in place for the duration of the Mortgage Payment Break.