Relief for Waterford mortgage holders as banks to offer three-month Covid-19 payment break
Waterford mortgage holders affected by Covid-19 are to get a payment break of three months as part of a series of measures designed to ease the financial pressure many are experiencing as a result of the outbreak.
Following a meeting between the Minister for Finance Paschal Donohoe and the five main banks this afternoon it was also agreed that court debt proceedings would be deferred and working capital supports would be given to businesses.
The five included are AIB, Bank of Ireland, KBC, Permanent tsb and Ulster Bank.
The measures being introduced by the five main banks are as follows according to a press release issued earlier:
1. Implement a payment break up to three months for business and personal customers affected by Covid-19, to be followed by ongoing reviews depending on the scale and extent of the situation. Customers wishing to avail of a payment break should contact their respective bank.
2. The banks agree there is a need for a simplified application process to make it as easy as possible for businesses and personal customers impacted by Covid-19 to receive support from their banks. We are working with all member banks to achieve this.
3. The banks want to ensure that any Covid-19 application for a payment break and further reviews will not adversely impact the customer’s credit record, and the banks reporting of these facilities. Banks want to avoid this and are meeting with the Central Bank of Ireland to urgently achieve a solution in this regard.
4. Banks will also defer court proceedings for three months.
5. The banking system stands ready to provide working capital support.
6. We have had initial discussions with Credit Servicing Firms and with those non-bank lenders who provide mortgages. Both the Credit Servicing Firms and non-bank lenders have issues which we need to address with the Central Bank of Ireland, but both are committed to working with the Government and industry to provide the flexibility that people need right now.