June 18, 2021
Business News Property

Three-month mortgage payment break for Wicklow local authority tenants

Wicklow residents who benefit from the local authority’s home loan borrower’s scheme may now apply for a mortgage payment break of up to three months on their home loan if their circumstances have changed adversely due to the coronavirus emergency.

The news was announced yesterday evening byWicklow County Council and applies to local authority home renters who have experienced a reduction (or anticipate suffering a reduction) in their income due to the Covid 19 emergency.

The scheme is being set up to assist people who are unable to make repayments on their home loan.

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 increase 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.

 

 

 

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