Local Fianna Fáil councillor William O’Leary, has welcomed the recent announcement by Government that homeowners who have mortgages with their local authority can now avail of a mortgage payment break of up to 3 months.
However, the Rathcormac councillor went on to lament that the Minister for Housing had not implemented this payment break sooner.
“I have been making calls to this effect over the past few weeks and the announcement made by Minister Murphy should not have taken 4 weeks to come about. It created a lot of uncertainty.”
Continuing, Cllr O’Leary noted that this break will be open to people who have already faced mortgage difficulties due to the Covid-19 emergency, as well as any ‘Rebuilding Ireland’ loan holder who is currently facing financial difficulties.
“A lot of people have had real concerns as to how they would repay their mortgages because of lay-offs due to the Covid-19 crisis, so this will offer those individuals a small reassurance in these uncertain times,” the councillor remarked.
According to documents made available through Cork County Council, no interest will be charged during the payment break period.
However, the terms also state that home loan repayments will recommence after the break period at a higher level, noting: “This is necessary to ensure that your home loan will be repaid in full within its original term.”
Any person wishing to avail of this measure can contact Cork County Council for further guidance.