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Payment break for local authority mortgage holders in Limerick

Payment break for local authority mortgage holders in Limerick

Niall Collins has welcomed the boost for local authority mortgage holders | PICTURE: MICHAEL COWHEY

PEOPLE who have secured mortgage from the local authority or the Rebuilding Ireland scheme will now be entitled to payment holidays.

Up until now, it was only homeowners with private financial institutions who could benefit from a period of time without paying their mortgage, as the coronavirus lockdown continues to wreak economic havoc in Ireland.

However, Limerick TD Niall Collins has said, after raising the matter with the government he is “glad common sense has now prevailed.”

The Rebuilding Ireland home loan scheme and similar local authority plans have seen thousands of people climb onto the housing ladder when perhaps they might not have been able to before.

One of the conditions to avail of such a loan is to have two mortgage refusals from mainstream banks.

Mr Collins said: “With so many people loosing their jobs due to Covid19 it was imperative that this be introduced immediately. Any borrower facing difficulty should contact their local authority immediately. This payment break is available to those who have experienced financial difficulty due to Covid19 and those who will experience any such financial difficulty. I would encourage people to get in touch with their local authority and fill out the necessary forms if they wish to avail of this break.”

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