New mortgage payment breaks for Waterford local authority borrowers
Waterford local authority home loan borrowers who find themselves unable to make their monthly repayments can avail of a further mortgage break.
Waterford City and County Council has confirmed borrowers who have suffered from a loss of income as a result of the Covid-19 emergency can apply for the breaks in mortgage payments.
Borrower are able to apply for mortgage breaks for a period of up to six months, but this includes any previously approved payment breaks.
A council spokesperson confirmed borrowers who avail of the payment breaks will not be hit with extra interest costs or penalties.
However, Mortgage Protection Insurance (MPI) must be paid during any payment break.
The council said in a statement: “The monthly repayment following the 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 products.”
For more information or to apply for the payment break, visit: www.waterfordcouncil.ie