Overview: Help with your mortgage

Many people in Ireland are finding it hard to keep up with their mortgage repayments. In addition, many people are now in negative equity. Being in negative equity means that the amount you still owe to your mortgage lender is more than your home is now worth. While this does not mean that you cannot keep up your regular mortgage repayments, it does have implications if you wish to sell your home, as the price that you get for your home will not be enough to cover your outstanding debt.

If you find yourself having difficulty with mortgage repayments, there are several sources of advice and help available.

MABS, the Money Advice and Budgeting Service, provides detailed advice on dealing with mortgage arrears as well as other forms of problem debt. MABS can advise you in negotiations with lenders, including on alternative repayment options for your mortgage and other debts. The MABS helpline 1890 283 438 is open from 9am to 8pm, Monday to Friday. MABS also operates a nationwide network of centres, staffed by specialist money advisers.

You can also contact your local Citizens Information Centre for face-to face information and advice, phone the Citizens Information Phone Service on Lo-call 1890 777 121, Monday to Friday, 9am to 9pm, or log on to the Citizens Information website.

You are probably already claiming Mortgage Interest Relief.

If your income is reduced, you may be able to qualify for a Mortgage Interest Supplement. This weekly HSE payment provides short-term support to help with your mortgage interest repayments. You will only get assistance with the interest portion of your mortgage repayment. You will not get help with the portion that pays off the actual loan.

You may be able to earn some extra income to help with your mortgage repayments if you have a spare room or rooms in your home. Under the Rent a room scheme, if you rent out a room (or rooms) in your own home to private tenants, up to €10,000 of your rental income in any tax year will be exempt from income tax. You do not have to register as a landlord, provide a rent book or ensure that the accommodation provided meets any minimum physical standards.However, if the person you are renting the room to is your son or daughter you cannot get the tax relief.

Most private residential mortgages are covered by a mortgage protection policy which comes into play in the event of your death. You may also have a mortgage repayment policy or some other form of insurance that offers financial support in the event that you lose your job or otherwise experience a fall in income. Read more about mortgage protection and mortgage repayment policies.

You may still find that you have trouble keeping up your mortgage repayments. The first thing to do if you are in this position is to contact your mortgage lender and let them know the situation. Our document on mortgage arrears gives some information on your options.

Lenders must abide by specified codes of conduct in dealing with people who have problems paying their mortgage, and wait at least twelve months before initiating repossession proceedings. Read more in our documents on consumer protection codes and mortgages and the Mortgage Arrears Resolution Process (MARP).

As a last resort, the lender may end up going through the legal process of repossessing your home. We give some information on where to turn if you lose your home.