Minister Troy welcomes extension of local authority mortgage payment break

Minister for Trade Promotion and TD for Longford-Westmeath, Robert Troy has welcomed the extension of the mortgage payment break which is already in place for local authority home loan borrowers continuing to face difficulties due to the COVID-19 emergency.

Local authority home loan borrowers could already avail of three payment breaks totalling up to nine months and borrowers who take up a fourth payment break will be contacted by their local authority during the payment break to assess their financial situation and discuss options if necessary.

The Minister for Housing, Local Government and Heritage, Darragh O’Brien TD, also confirmed that he is also extending the deadline for applying for a Local Authority mortgage payment break until 31 March 2021 to provide for borrowers who may yet suffer setbacks in the coming months.

Minister Troy commented, “Given the continuing economic turbulence associated with COVID-19, some local authority home loan borrowers continue to face difficulties in paying their mortgage or have very real fears that they will face repayment problems in the future.

“To help people in this situation, extending the mortgage payment break period by another three months, allows people a total of twelve months to get back on their feet. The extension of the deadline for applying for a mortgage payment break until 31 March next will also offer support to borrowers who may yet suffer setbacks in the coming months.

Minister Troy added: “I would strongly encourage any local authority home loan borrower who is seeking a further payment break to engage with their local authority as soon as possible so that their financial situation can be assessed and so they can discuss alternative payment options if necessary.”