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Need help with your mortgage repayments?

Financial difficulties can happen to anyone. If you have a mortgage against your home and you’re worried about falling behind with your repayments, we’re here to help.

Whether you’ve already missed a mortgage payment or you’re concerned about future payments, the best thing you can do is speak to us. We’ll work with you to help you get – and stay – on top of your mortgage payments.

Your mortgage should be one of your highest priority debts because your home may be put at risk if you don't keep up with repayments. If you are struggling to pay your mortgage and/or other loans, you should contact your other Lenders, if any, to discuss a restructure of the debt repayments.

Do you have Payment Protection Insurance (PPI)?

If you purchased PPI in relation to your mortgage account, you may want to contact the insurance company to make a claim on that policy. Details should be available on your certificate of insurance.

Mortgage Arrears Resolution Process

The Central Bank of Ireland's Code of Conduct on Mortgage Arrears (CCMA) describes a framework for handling mortgages where you have fallen behind with repayments or are concerned that you may do so due to financial difficulties. The framework is called the Mortgage Arrears Resolution Process.

It includes alternative repayment arrangement (ARA) options that may be available to you. It is important to co-operate with us in relation to the arrears, otherwise you are at risk of being classified as 'not co-operating' and the MARP will no longer apply to you. This is explained in more detail in the MARP booklet.

The steps to getting started

We have policies and procedures to help you address your financial difficulties, these are designed in compliance with Central Bank regulations. The below steps are aligned to the Mortgage Arrears Resolution Process.

  • 1

    Speak to us

    If you are struggling to pay your mortgage, speak to us as soon as possible to avoid the problem getting worse. The sooner we hear from you, the sooner we can work on finding a solution. You may also want to speak to the Money Advice and Budgeting Service (MABS) for free, independent financial advice, or the Insolvency Service of Ireland. You can also access information on the supports available from third party organisations here.


  • 2

    Share your financial Information

    We’ll need to get a detailed understanding of your finances so we can find the best option for you. You can provide this information by completing the Standard Financial Statement (SFS) form - or if you are outside of the Mortgage Arrears Resolution Process, you can complete an Income & Expenditure (I&E) form. 

    • If you are a MyPepper customer, you can complete the SFS online. If you prefer to submit a hard copy of the SFS, it is editable meaning you can either populate the required information online before printing it or print it and complete it by hand.  You will then need to sign it and return it to us by post.
    • If you are not a MyPepper customer, you can register here MyPepper to complete the SFS online. 
    • It is important that you fill out the SFS fully and accurately. We may also ask you to provide additional documentation, so that we can fully assess your situation (for example, bank account statements, copies of pay slips, copies of business accounts). This gives us information on your expenses, spending, income and personal circumstances.
    • If you need some help with completing the SFS you can call us at 0818 818 181 or download the Guide to completing the SFS. If required, we may also be able to arrange an in-person meeting or virtual meeting.
    • Your credit report, available from the Central Credit Register, provides information regarding any outstanding loan(s) you may have and can assist you with completing your SFS. Your credit report can be requested free of charge via the Central Credit Register website: https://www.centralcreditregister.ie.
    • The Reasonable Living Expenses Guidance published by the Insolvency Service of Ireland available here can assist you with completion of section D of the SFS, My Monthly household expenditure.
    • You can call us on 0818 818 181 to request a statement on your account, if required, or you can view your outstanding mortgage balance and the past 12 months transactions on your MyPepper account.
  • 3

    We'll assess your situation

    We’ll review the form and assess your situation on a case-by-case basis using the information you have given us. Our aim is always to look for a way to help you avoid going into arrears or falling further behind on your mortgage payments.

  • 4

    We'll agree on a resolution together

    We’ll work out which options may provide a sustainable solution that works for you and let you know what we decide. If we can’t find a viable solution or we can’t reach an agreement, we’ll guide you through the next steps.

Resolution Options

We have a number of Alternative Repayment Arrangement (ARA) options we will explore to try to prevent your mortgage either falling into arrears, or going further into arrears. Not every option will be suitable for every situation. Following an assessment of your particular circumstances, we will determine which option(s) may work and be sustainable for you. The options we offer, which are subject to an individual assessment of your case and you meeting our eligibility criteria, are:

Reduced monthly repayments

Your monthly repayment is reduced to match your affordability for an agreed period of time – generally between 12 to 36 months.

Deferral of repayments

You can take a break from making any payment in respect of your mortgage for an agreed period - generally up to 3 months.

Term extension

The term is extended so you pay the mortgage over a longer period, resulting in lower monthly repayments. A term extension may also be used to clear arrears. The term will only be extended if you are 70 years old or less when the current mortgage term is due to finish.

Capitalising arrears

The outstanding arrears are added to the principal amount due, so the mortgage is no longer in arrears. This generally means either the repayment amount is increased, or the term is extended.

Temporary Interest Rate Reduction

The interest rate product on your mortgage is temporarily discounted for a specified period of time. The monthly repayments reduce for this period while the capital balance continues to be paid in full.

The discounted interest rate may also be fixed for a period of two years meaning the interest rate and your monthly repayment will not go up or down during this period. At the end of the fixed rate period, your mortgage will revert back to the variable or tracker rate product it was on prior to the rate being fixed at the relevant rate at that time.

For discounted variable interest rate products that are not fixed, the discounted rate will always be subject to the application of interest rate changes which Pepper may apply from time to time at its discretion. The application of interest rate changes may also result in changes to the monthly repayment.

Permanent Interest Rate Discount

The interest rate product on your mortgage is permanently discounted. For variable interest rate products, this is subject to the application of variable interest rate changes which Pepper may apply from time to time at its discretion. The monthly repayments reduce while the capital balance is paid within the term.

Interest-only repayments

You only pay the interest on your mortgage for an agreed time, your monthly repayment amount reduces as you are not paying anything towards reducing the capital balance of your mortgage. After the interest-only period, your repayments increase to an amount that ensures you repay your mortgage within the original term; or the term of your mortgage will be extended.

A combination of the above options

Any combination of the above options may be used, for example;

  • If a reduced payment period is agreed, the mortgage will not be paid off as quickly as initially intended, and the term might be extended, or,
  • the monthly repayment amount increased after the reduced payment period to ensure the mortgage is subsequently paid off.

Split Mortgage

  • Your mortgage balance is split into two parts (the Main Balance and the Split Balance) depending on the amount of the mortgage that is affordable for you.
  • You continue to make monthly repayments of capital and interest off the Main Balance.
  • The Split Balance is parked and your payments are delayed for a period of time until your financial ability or circumstances improve.
  • In the event of an improvement in your financial circumstances, Pepper may transfer some of the Split Balance to the Main Balance, depending on what is affordable for you.
  • The Split Balance remaining at the end of the term becomes repayable in full at that time.

Please note that the eligibility criteria for a split mortgage include that you are committed to your home, you are in fulltime employment and you can demonstrate that you have the means to clear the Split Balance in full at the end of the term.

Alternative options 

In some circumstances, we might be unable to offer you an alternative repayment arrangement (ARA), for example, where we conclude that an ARA is not appropriate because the mortgage is not sustainable or where you choose to reject our offer. If this happens, there are other options we may be able to explore with you. To be eligible for these options, you will need to meet certain criteria.

  • Man and two woman having a converstion

    Mortgage to rent

    If you are not able to keep paying your mortgage, but you want to stay in your home, the MTR scheme is a Government scheme which aims to help people who have serious difficulties with their mortgage and who are unlikely to ever make full repayments on their mortgage in the future. It may allow you to switch from owning your home to renting your home as a social housing tenant, with affordable rent payments. For more information on how this works and eligibility criteria visit the website: www.mortgagetorent.ie

  • two female workers at a desk

    Selling your property

    Sometimes, the only way to move forward is to sell your property. If this is what you decide to do, let us know. We can give you the time you need to sell your house and help you with the process if you need it.

  • Male and Female frustrated with bills

    Trading down

    This applies where you sell your existing property and buy a cheaper one.  Before considering this, you will need to be sure that you will have sufficient funds from the sale to buy another property or be able to get another mortgage, after paying off the mortgage on your current property.

  • Male and female sat on a couch getting advice

    Voluntary surrender

    Where you agree to voluntarily hand over ownership of your property to pepper or the third party that owns the mortgage.

  • Advisor showing a couple stats on a laptop

    Assisted voluntary sale

    Where you are provided with the support and assistance you need to sell your property at the best price while keeping the cost to you as low as possible.

Mortgage Repayment FAQs

What should I do if I’m finding it difficult to make my monthly loan repayments?

There are a number of possible options available, and we’re committed to working with you to find a solution.

We’ll need to get a detailed understanding of your finances so we can find the best option for you. You can provide this information by completing the Standard Financial Statement (SFS) form.

Our resolution process is explained in detail in our Mortgage Arrears Resolution Process (MARP) booklet, which you can find here.

Alternatively, our team is available from Monday to Friday, 9am to 5pm and you can call us on 0818 818 181.

What is the MARP process?

The MARP stands for the Mortgage Arrears Resolution Process, it sets out how we must communicate with you and assess your situation with the aim of coming to a resolution.

Under the Central Bank of Ireland’s Code of Conduct on Mortgage Arrears (the Code), Pepper Advantage implemented a 4-step process called the Mortgage Arrears Resolution Process (MARP) to help Customers whose mortgage is in arrears:

  1. Communication

The MARP booklet has a summary of our communications policy. It is important that you talk to us. The Arrears Support Unit is there to help you. Contact us.

  1. Financial Information

We provide you with a form to fill in, known as the Standard Financial Statement (SFS), to ensure we have a detailed understanding of your finances. You will find further details in understanding your finances. You can complete the SFS online in My Pepper if you have a Pepper mortgage.

  1. Assessment

We assess the information in your completed SFS and examine your situation on its merits. We use this information to decide which alternative repayment arrangement (ARA) is best for you.

  1. Resolution

There are different ARA options we explore to try to prevent you falling behind on your mortgage payments or going further into arrears. We determine which option(s) may work to provide a sustainable solution that is workable for you. There may be other solutions if the mortgage is not viable.

The Code applies to a mortgage taken out on your primary residence which is the residential property you occupy as your home or your only residential property in the State even if you don’t currently live in it.

What is a Standard Financial Statement (SFS)?

SFS is the document which a lender must use to obtain financial information from a borrower in order to complete an assessment of that borrower’s case.

It is to make sure we have a detailed understanding of your finances, we will provide you with a form to fill in, known as the Standard Financial Statement (SFS). The SFS is designed to help you set out your current financial circumstances in detail.

Please see link.

What is an Income and Expenditure (I&E) form ?

This is a document used to obtain financial information from the borrower in order to assess their case when the borrower is no longer in the Mortgage arrears resolution process (Marp).

The I&E is also used for all borrowers in respect of Buy to Let (BTL) properties to obtain details of their current financial circumstances.

What is the difference between the Standard Financial Statement and the Income & Expenditure form (I&E?)

The information required to complete the SFS and I&E are the same.  

The only difference is the SFS is used by customers in the Mortgage Arrears Resolution Process (MARP) and explains the steps in the process that are applicable to cases in the MARP and the I&E  is the same document as the SFS but is for use on accounts which are outside the protections of MARP.

I need help completing the Standard Financial Statement (SFS) or and Income and Expenditure (I&E) form ?

Start by gathering all your relevant information, including bills, receipts and documents. You should include all your basic living expenses. Completing one of these forms is useful as it may help you to think of ways to reduce your expenses and spending. Download a copy of the SFS, or download a copy of the I&E, where applicable. There are options available if you need help:

Consumer Guide to Completing the Standard Financial Statement: The Central Bank of Ireland published this guide to assist borrowers with the completion of the SFS. This guide is useful as the SFS and I&E forms we use for regulated or unregulated cases in arrears – whether for a primary residence or a BTL – require similar information. Click here to download a copy of the guide. 

MyPepper: You can now fill out and submit your SFS online, which is usually quicker and easier than using paper forms. You’ll be able to save your SFS as you go, which means you can come back to it later if you need more information. When your digital SFS is complete, you simply press “submit”. Register with MyPepper to complete your SFS form online. 

Speak to us: Our specialist team responsible for your mortgage can help you complete the SFS or the I&E. We provide help over the phone. Or, if you prefer to meet in person, we can arrange a suitable time and location for a meeting at our offices in Dublin or Shannon, whichever you choose, we will ensure to maintain your privacy. 

Independent advice: You may prefer to seek independent advice from your financial advisor or from MABS (the Money Advice and Budgeting Service). MABS is a national, free, confidential and independent advice service for people in debt difficulties or in danger of getting into debt difficulties. The MABS Guide to the Code of Conduct on Mortgage Arrears is available at www.mabs.ie. It will help you to complete the SFS or I&E The Useful Contacts section provides details on MABS and other useful contacts.
When we receive your completed SFS, our ASU will review it and we will send a copy back to you in the post.

Supporting documentation: We may also ask you to provide other documents so that we can assess your situation. These could include bank statements and proof of income.

Can I meet with someone to discuss my mortgage?

Yes, you can contact us on 0818 818 181 and we will arrange a meeting with you.

The preference is to conduct meetings in a Pepper Advantage office as this provides a secure and private environment for all parties. The meeting can be conducted in person or over video call.  You also have the option of having a nominated third party accompany you to the meeting, please contact us in advance of the meeting to confirm for a third party to be present.

For my Primary residence, I have received an Alternative Repayment Arrangement (ARA) decline letter. Are the other options that are available to me?

There may be other options available including:

Mortgage to Rent (MTR) – where you agree to sell the mortgaged property to a housing association and the proceeds are used to pay off some or all of the balance owing on your mortgage. You and your family remain in the property as a tenant of the housing association, paying an affordable rent.

Assisted Voluntary Sale (AVS) – where you are provided with the support and assistance you need to sell your property at the best price while keeping the cost to you as low as possible.

Selling your property – where you agree to sell the property yourself and the proceeds from the sale are used to pay off your arrears and to reduce or clear your remaining mortgage balance.

Voluntary Surrender – where you agree to voluntarily hand over ownership of your property to Pepper or the third party that owns your mortgage, as the case may be.

Trade down – It applies where you sell your existing property and buy a cheaper one  Before considering this, you will need to be sure that you will have sufficient funds from the sale to buy another property or be able to get another mortgage, after paying off the mortgage on your current property. It is important to take independent legal or financial advice if you are availing of any of these options.

I have received a letter stating I am not co-operating. Are there any options available to me?

Failing to fully engage with Pepper Advantage to address the arrears may leave us with no option but to consider you as not co-operating. There may still be options available to you. Please complete an Income & Expenditure so we can complete an assessment based on your current circumstances.

What happens if Pepper takes legal action against me?

Where we begin legal proceedings for repossession of your property we are allowed to recover from you all the expenses that this involves. An estimated cost to you of such legal proceedings is €5,000 (and could be more).

 

Where your property is sold and it is not sufficient to clear the outstanding balance (including any arrears) on your mortgage, you will remain liable for the shortfall on the outstanding debt. This will include any outstanding arrears and accrued interest. You will also be liable for any charges, legal, selling and other related costs not payable by us.

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Forms and Documents

Standard financial statement form

Download the Standard Financial Statement form and read the  Central Bank of Ireland Guide to completing the SFS. 

Download SFS

Mortgage Arrears Resolution Process booklet

Download the Mortgage Arrears Resolution Process booklet.

Download MARP booklet

Income & Expenditure form

If you are outside of the Mortgage Arrears Process, download the income and expenditure form.
Download I&E

Guide to Completing a Standard Financial Statement

Download the Guide to Completing the SFS.
Download Guide

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