Senior Staff Officer,
Housing Loans & Grants Section,
Cork City Council,
Ground Floor, City Hall
10:00 a.m. to 4:00 p.m.
Monday - Friday
28th September 2020 - COVID-19 – ADDITIONAL MEASURES for Local Authority Mortgages
Having regard to the continuing COVID-19 pandemic, local authority borrowers who consider themselves to be in need of the financial support are now being given the option of a third mortgage payment break for an additional three months, bringing the total duration of mortgage payment breaks to a maximum of nine months has been announced by Minister Darragh O’Brien TD
A mortgage payment break means that the borrower will make no mortgage payments against the principle and the interest for the duration of the mortgage payment break. Additional interest will NOT accrue to the borrower’s account during the period of the mortgage payment break ensuring that no increased cost to the borrower will arise. The monthly repayment following the mortgage payment 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 types.
To be eligible for a mortgage payment break a local authority borrower will have to confirm that they have experienced, or consider that they potentially will experience, a reduction in income as a result of the COVID-19 situation. The same approach applies to the application for a second and third mortgage payment break. The application process for a third mortgage payment break will be through an additional new application form for a third mortgage payment break which will be available online. As before on receipt of a completed form, a local authority will issue a notification of approval which will include details of each mortgage payment break and the implication for future repayments with revised financial information relating to the third mortgage payment break. A signed Declaration and Acceptance Form for each mortgage payment break must be returned.
Please see the Frequently asked questions on the link:
Please see Application for Third mortgage payment break:
For further information and queries please contact:
Diarmuid O’Connor, House Loans
Tel: 021 4924152
Rebuilding Ireland Home Loan Borrower Information Booklet
Appendix C Ministerial Directions Reckonable Income
4 - 5 weeks: from Submission of a fully completed application to a recommendation from the Housing Agency.
3 - 6 weeks: for consideration by Cork City Council's Credit Committee.
6 months: a successful applicant has 6 months to agree the purchase of a suitable property.
Rebuilding Ireland House Loan Applications,
Income details supporting the applications,
Technical reports on the relevant property,
Financial information submitted by persons providing housing for themselves,