Donegal homeowners hit by Covid-19 will be able to extend their mortgage ‘holidays’ to six months.
Breaks on loan repayments from three months to six after banks have been announced today by the Banking & Payments Federation of Ireland (BPFI).
Over 65,000 mortgage payment breaks across the country and more than 22,000 small- to medium-sized enterprise (SME) payment breaks have been granted since the industry agreed as a whole to provide relief on March 18th.
“The existing public health measures put in place by Government, aimed at mitigating the impact of COVID-19, have been extended since the original BPFI announcement of payment breaks up to three months,” said BPFI chief executive Brian Hayes.
“These measures may need to remain in operation for some time or may only be lifted gradually with an unknown impact on the economy going forward.
“BPFI members strongly appreciate the severity of the impact on families, individuals and businesses and it is for this reason, that we believe an extension of the existing payment break beyond three months may be required by many customers.”
Lenders that have signed up to offer payment breaks include the five main Irish retail banks as well as non-bank lenders.
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