Covid-19 mortgage breaks: What’s the catch?

Emergency deferral of payments will add to the total cost of a loan

Almost 80,000 mortgage borrowers have availed of industry-wide Covid-19 payment breaks since they were first announced on March 18th. Photograph: iStock.

Almost 80,000 mortgage borrowers have availed of industry-wide Covid-19 payment breaks since they were first announced on March 18th. Photograph: iStock.

Keeping up with mortgage payments will be a priority for many households throughout this crisis. But with so many incomes plunging or ceasing completely, for tens of thousands of borrowers the sums in their bank accounts just aren’t stretching far enough to meet their overheads and cope with the unexpected change in circumstances.

If you are in this position, you are not alone. Almost 80,000 mortgage borrowers have availed of industry-wide Covid-19 payment breaks since they were first announced on March 18th, according to the latest update from the Banking & Payments Federation Ireland (BPFI).

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