Mortgage on Primary Residences

1) Mortgage on Primary Residences

The Bank has a Mortgage Arrears Resolution Process (MARP) in place for residential mortgage customers who are in arrears or who feel they may have difficulty meeting future payments.  Please see below for the 5 simple steps that we will follow to help us work together to resolve you repayment difficulties, or read the full Mortgage Arrears Resolution Brochure.

STEP 1 Communication –Talk to us
STEP 2 Financial Information
STEP 3 Assessment
STEP 4 Resolution
STEP 5 Appeals

STEP 1 Communication –Talk to us

Please don’t ignore the problem. Anglo Irish Bank has a dedicated Mortgage Arrears Support Unit (ASU) available to work with former Irish Nationwide Building Society customers who are having repayment difficulties or who are worried that repayment problems may arise. To speak to a member of the Mortgage Arrears Support Unit please call us on +353 (0)1 6096182.

We are available to take your call between the following times:

Monday-Wednesday 9am-8pm, Thursday 9am-7pm

Friday 9am-5pm

Alternatively if you wish to discuss the situation in person you can call into our offices located at Grand Parade, Dublin 6

STEP 2 Financial Information

Our aim is to work with you to understand your financial situation. Once you make initial contact with us, we will ask you to complete a Standard Financial Statement (SFS) detailing all of your income and expenditure. We can help you complete this document. It is important that you complete this document fully. As this is an important document you may wish to seek independent advice to assist you when completing the SFS, for further details please refer to page 10 of the Mortgage Arrears Resolution Process booklet.

The Bank will need you to provide supporting documentation with the completed SFS in the form of three recent payslips and/or social welfare certificates. If you are self employed we will require a copy of your most recent business accounts. We may also require copies of recent current account statements. Our Arrears Support Unit will contact you in relation to any additional documentation that may be required. Once the Bank receives the completed SFS and supporting documentation, it will be assessed by our Arrears Support Unit. If we have any questions or require additional information we may contact you to discuss the SFS further.

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STEP 3 Assessment

Customer circumstances differ and as a result our Arrears Support Unit will apply a flexible approach to assist you in so far as this is possible. We will assess your case based on:

  • your particular individual circumstances
  • your overall indebtedness
  • the data provided in the SFS
  • your repayment capacity
  • your repayment history

Having reviewed your details we will explore all available options that may be appropriate for your particular circumstances.

STEP 4 Resolution

The Bank will explore the following alternative repayment options in order to determine which may be appropriate for your particular circumstances:

  1. Interest only repayment (Capital Moratorium)– this is where you only pay the interest on your mortgage for a specified period of time.
  2. Interest and part capital repayment – this is where you pay the interest on your mortgage, as well as a reduced amount of capital, for a specified period of time.
  3. Full repayment moratorium – this option allows you to defer paying all or part of your mortgage repayment for a specified period of time. For example, if you have a temporary shortfall of income.
  4. Extending your mortgage term – this means lengthening the duration of your mortgage in order to reduce the monthly repayment due. Please note life cover may be required under this option which would reduce any potential saving on your monthly repayment.
  5. Capitalising the Arrears – this option may be suitable in circumstances where you are unable to discharge the arrears, but are in a position to discharge a monthly repayment to repay the debt over the remaining term of your mortgage.
  6. Changing the type of mortgage – this option may be applicable if another type of mortgage was better suited to your circumstances. For example changing from a fixed rate to a variable rate.
  7. Deferred Interest Scheme – this may be an option subject to qualification criteria.
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Customers who have tracker mortgages will not be required to change to another mortgage type in order to avail of an alternative repayment arrangement.

STEP 5 Appeals

The Bank has established an Appeals Board to consider and independently review any of the following:

  1. The decision of the Bank’s Arrears Support Unit
  2. How the Bank has treated you under the Mortgage Arrears Resolution Process
  3. The Bank’s compliance with the Code of Conduct on Mortgage Arrears

The Appeals process is as follows:

All appeals must be submitted in writing within 20 business days from the date you receive written notification of the decision of the Arrears Support Unit. The letter must be sent to the Mortgage Appeals Board, c/o Arrears Support Unit, Anglo Irish Bank Corporation Limited, Grand Parade, Dublin 6.

The Bank will acknowledge each appeal in writing within 5 business days of the appeal being received and provide you with the name of the individual appointed by the Bank to be your point of contact in relation to the appeal.

The Bank will provide you with regular written updates on the progress of the appeal, at intervals of not greater than 20 business days.

The Bank will consider and adjudicate on the appeal within 40 business days of having received the appeal. The Bank will notify you in writing within 5 business days of the completion of its consideration of your appeal. If any revised offer is proposed the Appeals Board will explain the terms of the new offer to you in writing.

If you are not satisfied with the decision of the Appeals Board you are entitled to make a complaint to the Financial Services Ombudsman (FSO).

You can contact the FSO by:

Phone: 1890 88 20 90

Fax: 01 662 0890

Post: Financial Services Ombudsman’s Bureau, 3rd Floor, Lincoln House, Lincoln Place, Dublin

Email: enquiries@financialombudsman.ie

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Charges for former INBS Non Co-operating Borrowers

  1. Direct Debits/Cheques returned unpaid:€25.39 per item
  2. Conversion from Annuity Loan to Endowment or Endowment to Annuity Loan: €190.46
  3. Conversion fee for transfer from Variable to Fixed Rate Loan: €190.46
  4. Customer Letters: €12.70
  5. Customer Visits: €31.74
  6. Call-Out Rate: hourly call out rate per person for attending repossessions €31.74
  7. Valuation Fee for a Mortgage in Arrears: €25.39 plus expenses
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