Concerned about your mortgage repayments?

A Guide for Haven Home Owners

At Haven we work with our customers through the life of their mortgage. We are committed to offering all the support we can to customers who are finding it difficult to meet their financial obligations.

Don’t ignore the problem
If you receive a letter or telephone call from Haven, please do not ignore it. Your mortgage repayment must remain your number one financial priority - so you need to pay it before any other debts you may have. Take steps to address the situation as early as possible.

Financial difficulties can affect anyone - especially in these challenging economic times. Even small changes can put pressure on your finances. At Haven, we have a dedicated team to work alongside customers who are currently experiencing problems, or feel they may soon experience problems with their mortgage repayments. If we are aware of your financial situation, we can work together to find a solution and get you back in control of your finances.

What you can do

Contact Us... We are here to help
Call our dedicated helpline on 1850 654 329
Send us an email

Take a close look at your financial situation
To make sure you’re maximising your income, draw up a monthly budget. Haven Standard Financial Statement Forms are available to download by clicking on the link below. This will help you work out what you have coming in and what you’re spending. Make a list of other debts you may have and how much you are repaying weekly/monthly. You may be able to reschedule payments or make reduced payments, which will help reduce your outgoings and help you meet your mortgage obligations.

Haven Standard Financial Statement Form

Another useful budgeting tool is The Economiser from the National Consumer Agency (NCA), the statutory body established by the Irish Government in May 2007. The Economiser is a quick and easy interactive tool designed to compare your spending with other households. It can help you to save money and become a smarter consumer.

www.economiser.ie

keepingyourhome.ie is a website provided by the Citizens Information Board and the Money Advice and Budgeting Service (MABS). keepingyourhome.ie aims to provide comprehensive information on the services and entitlements available if you are having difficulties paying your rent or making your mortgage repayments.

itsyourmoney.ie provides independent information to help you understand financial products, so you can ask the right questions and make the right choices about your personal finances. This site is designed to help you take control of your finances.

Get some independent advice from MABS (Money Advice and Budgeting Service).
 Are you claiming all the benefits you are entitled to? With offices nationwide, MABS offers a free and confidential service covering all areas of personal finance. They can help you draw up a budget, renegotiate repayments with other lenders and advise you on any benefits you may be entitled to.

To contact MABS, phone their lo-call number 1890 283 438 or visit their website on mabs.ie

Visit your local Social Welfare Office
Make an appointment with your local Social Welfare office to find out if you are entitled to avail of any benefits such as jobseekers allowance or mortgage subsidy allowances.

Code of Conduct on Mortgage Arrears
The revised Code of Conduct of Mortgage Arrears (CCMA) was issued on 1st January 2011. The Code sets out how mortgage lenders must treat customers in or facing mortgage arrears, whilst taking into account that each case is unique and needs to be considered on its own merits.  The Code is the framework that lenders must use when dealing with customers in arrears or pre-arrears.

The Code applies to the mortgage loan which is secured by the ‘primary residence’ – i.e. the residential property that you occupy as your home or the only residential property that you own even if you do not live in it, both of which must be in the State.

A key component under the CCMA is for all lenders to put in place a Mortgage Arrears Resolution Process (MARP) for their customers.

Haven Mortgage Arrears Resolution Process
Haven has put in place a mortgage arrears resolution process (MARP) for mortgage holders. The purpose of the MARP is to set out clear guidelines for both mortgage holders and Haven in relation to dealing with mortgage holders who are currently having difficulty, or feel they may have difficulty in the future, in making their mortgage repayments.

Details of the MARP are available in a booklet which can be downloaded by clicking on the link below, or by calling the Arrears Support Unit (ASU) on 1850 654 329

MARP Booklet

How it all works…
The MARP is made up of five steps:

Step 1:
Communication with mortgage holders – How we will stay in touch with you

Step 2:
Financial Information – Getting a better understanding of your financial position

Step 3:
Assessment – Examining each case on an individual basis

Step 4:
Resolution – Finding a solution together

Step 5:
Appeals – What to do should you find it necessary to appeal your case

The five steps are explained in more detail in the MARP booklet.

What we can do for you
As each situation is different we take the time to listen to your circumstances. We can then talk you through the options available to you and help you decide the best course of action.

Such options may include:

  • Reducing your monthly repayments for a specified period.

  • Extending the term of your home loan, which will reduce your monthly repayment.

  • Paying interest only for a specified period of time, which will reduce your monthly repayment. This means that you will only pay the interest owed on your loan during this period and not the capital amount owed. At the end of the agreed period, we can adjust the monthly repayment to make sure the balance will be repaid over the term of your mortgage.

    Warning: Your current capital balance will still be outstanding at the end of the interest-only period.

  • If you are already behind in your repayments, we can increase your monthly repayments to pay off any arrears built up, where you can afford to do so.

  • We may be able to add some or all of the arrears to the total loan amount borrowed and adjust the monthly payment so that they are repaid along with the original loan amount over the life of the mortgage.

  • Changing the type of mortgage, for example from a fixed rate onto a variable rate. However it is important to note that a fixed rate breakage charge may apply.

    Fixed Rates
    Warning: You may have to pay charges if you pay off a
    fixed-rate loan early.

    Variable Rates
    Warning: The cost of your monthly repayments may increase.

  • The Deferred Interest Scheme may be considered for customers in severe financial difficulty, who have been participating in MARP for a minimum of 6 months and where there is expected capacity in the future to return to full capital and annuity mortgage repayments.

If an arrangement is agreed Haven will monitor each case on an ongoing basis, with a formal review at least every six months. A review will take place immediately if you do not stick to the terms of the arrangement.

What we cannot do for you
Whilst we work with you to come up with the best plan for you, Haven cannot ignore the fact that you may be in arrears. We cannot write off your arrears or ignore broken arrangements. We need you to work with us. As circumstances improve, arrangements made today do not necessarily have to stay in place for the remainder of your mortgage.

In the event of arrears management progressing, and where legal proceedings commence, a customer will incur legal costs, up to approximately €4,500.

Where customers are deemed ‘not cooperating’ under the CCMA, fees and charges may apply. The leaflet below contains a breakdown of these:

Fees and charges leaflet

Warning: If you do not keep up your repayments you may lose
your home.

Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating which may limit your ability to access credit in the future.

Warning: Your home is at risk if you do not keep up payments on a mortgage or any other loan secured on it.


Retail Buy to Let Loans
If you are concerned about meeting your mortgage commitments on a retail buy to let loan, please contact the Arrears Support Unit on 1850 654 329.

Useful Contact Details
Haven Arrears Support Unit
Lo Call: 1850 654 329 (9.00am – 5.30pm, Monday to Friday)
Email: asu@havenmortgages.ie

Money Advice & Budgeting Service (MABS)
Lo Call: 1890 283 438
mabs.ie

Citizens Information Board
Lo Call: 1890 777 121
citizensinformation.ie

Department of Social & Family Affairs
Lo Call: 1890 662 244
welfare.ie

Irish Banking Federation (IBF)
helpinghomeowners.ie

The Central Bank of Ireland’s Code of Conduct on Mortgage Arrears
Haven is required to act in accordance with the The Central Bank of Ireland’s Code of Conduct on Mortgage Arrears. Full details of the code can be found on financialregulator.ie

The Irish Banking Federation (IBF) have recently launched "Your Guide to Dealing with Mortgage Repayment Difficulties" which is linked below and outlines possible options that are available, should you find yourself in financial difficulties.

Irish Banking Federation Guide to Dealing with Mortgage Repayment Difficulties

The IBF have also launched a new website, helpinghomeowners.ie with useful information should you find yourself experiencing mortgage difficulties.