Mortgage payment break and Covid-19

All of us are reeling from the speed at which our society and daily lives have changed due to Covid-19. The virus has caused disruption across the globe, and Ireland is no exception.


Right now, people are examining their finances as they face layoffs, shortened hours or reduced wages in their jobs. We take a look at the practical steps you can take in this blog.


Your mortgage and the Coronavirus pandemic


For many of us, our mortgage payment is the largest expense in our monthly budget. 


And while the current situation is not one any of us like, there’s also a sense of solidarity in the country. We really are all in this together.


The economy has already felt a massive impact as large sectors of business have been closed to help halt the rate of infection. Ireland has not yet implemented lockdown measures the way some other countries have, but people’s livelihoods have already been impacted.


In response to this, Ireland’s five main banks have recently announced what they will do to help. 


The five main banks are:


  • AIB
  • Bank of Ireland
  • KBC
  • Permanent TSB
  • Ulster Bank


Three month mortgage payment break


The main relief for mortgage holders is the three month mortgage payment break. However, the entire relief package is made up of five elements. We quote the entire package below:


  • Three month payment pause on mortgages
  • “The banks agreed there is a need for a simplified application process to make it as easy as possible for businesses and personal customers impacted by Covid-19 to receive support from their banks.”
  • “The BPFI (Banking and Payments Federation Ireland) said banks want to ensure that any Covid-19 application for a payment break and further reviews will not adversely impact the customer’s credit record…”
  • “Banks will also defer court proceedings for three months.”
  • “The  BPFI said the banking system stands ready to provide working capital support.”


Each of the five banks have published details of how they are helping their customers on their websites. Details of how you can avail of the three month mortgage payment break are included. We share the links below:



There is also excellent advice on the Citizens Information website on how to manage your finances and Covid-19. This in-depth page examines what you can do to help get through this time. Every aspect of people’s personal finances are dealt with, from food budgets to credit cards, and a significant portion is allocated to mortgages.


Which Mortgage and your mortgage


Our team is working from home during these times. We’re following all of our government’s guidelines and we’re continuing to help people find the best mortgage for themselves. 


We’re all adjusting to a new normal and we will get through this. For now, it’s a case of doing all we can to help #flattenthecurve