Dundalk cllr calls on all banks to offer ‘mortgage holidays’ to those effected by Covid-19 crisis

Dundalk councillor Seán Kelly has called on all banks to offer ‘mortgage holidays’ to those effected by ongoing Covid-19 crisis.

Making the appeal, Cllr Kelly explained that "currently, some banks offer customers a break from making mortgage repayments if they have an unexpected drop in income, are in danger of going into arrears or have additional expenses. This is then made up at a later date."

The local councillor explained that there are various types of mortgage holidays depending on the lender and they can include paying interest only for a certain amount of time, taking a break altogether for a few months or using mortgage overpayments to take a break.

Cllr Kelly said that, "thankfully some banks have announced some supports for customers. Bank of Ireland and Ulster Bank have said they will give three month mortgage and loan repayment breaks to eligible customers.

"But other banks, those who receive huge income from taxpayers, have yet to specify their supports. Bearing in mind that this crisis may continue for quite some time it’s important that the banks are flexible with any time limits on supports."

Kelly added that:

“This is a practical response to the crisis we find ourselves in. The banks, in particular those owned by the Irish taxpayers, should act now. I have been contacted many times over the past few days mainly by those who work in hospitality and childcare sector who have been temporarily laid off and   who are extremely worried about how they will pay the bills.

"Its time for us all to play our part. We need to take the worry off of mortgage holders, and this is one sure way of doing so,” he concluded.