our Mortgage Options Booklet - Springboard

MortgageOptions
for homeowners in challenging times

Making
mortgage
repayments
a little more
manageable…

Our customer
promise
At Springboard Mortgages we know that our customers
actively seek to avoid falling behind with their mortgage
repayments. However, in these difficult economic times
we understand that falling into arrears can happen. So if
you have missed a mortgage repayment(s), or if you fear
that you may miss a repayment over the coming months,
then please talk to us.
This booklet sets out details of our ‘Mortgage Arrears
Resolution Strategy’. It outlines the steps we take to help
customers who are experiencing difficulties, or customers
who fear they may encounter difficulties, in making their
monthly repayments. As you will see we have a range of
short and long term options designed to suit individual
circumstances and needs.
We can not and would not forgive arrears or loan balances;
however, we can help you to deal with financial challenges
in a way that makes sense for all.
Our commitment to you is this: we will work with you to
find a way to help you manage your cash flow so that you
can meet your financial commitments.
So if you have fallen behind with your repayments, or if
you are worried that you might do, talk to us before a small
problem becomes a big one. We will work with you to
make things better.

Mortgage options
for challenging
times...
We have put in place a Mortgage Arrears Resolution
Process to help our home loan customers in mortgage arrears
or those who are at risk of going into arrears. This process
forms part of our commitment under the Code of Conduct on
Mortgage Arrears as published by the Central Bank of Ireland.
How we can help…
We have a dedicated team available to work with you if you are facing
problems with your mortgage or if you are worried that problems may
soon arise.
To help us get a full understanding of your individual circumstances,
we will ask you to fill out a Standard Financial Statement. You can
download it from www.springboard.ie or just call us on any of the
numbers at the back of this booklet and we will post a copy out
to you. If you need any help completing your Standard Financial
Statement, call us on 0818 220242. We’ll be happy to help.
When we receive your completed Standard Financial Statement, our
dedicated Arrears Support Unit will review your details with a view to
providing you with options suitable to you. We will then communicate
the outcome of the assessment directly to you.
You might feel it appropriate to seek professional independent advice
to assist you at this stage if you have not already done so. In addition,
we would advise you to consider contacting the Money Advice and
Budgeting Service (MABS) on 1890 283 438 (Mon-Fri, 9am-to
8pm) or visit www.mabs.ie or www.keepingyourhome.ie
4

Getting you back on track…
your options
The alternative repayment arrangements that may be offered will
vary from case to case. Here are some examples of the options
that may be available:
Interest Only
This is where you pay only the interest on your mortgage for a specified amount of
time. This option is also referred to as a “Capital Payment Holiday”.
Warning: Your current capital balance will still be outstanding at the
end of the interest-only period.
Interest and Part Capital
You can change to paying interest and some capital. This option allows you to pay
the interest on your mortgage, as well as some of the capital of the original amount
borrowed. This option is also referred to as a “Capital Payment Holiday Plus”.
Moratorium
This option allows you to defer paying all or part of your mortgage repayment for a
period of time. For example, this might be suitable if you have a temporary shortfall
of income.
Term Extension
You can change the term or length of your mortgage. This means you can reduce
your monthly repayment amount by extending the length (term) of your mortgage.
Product Change
This option may be applicable if another type of mortgage is better suited to you. For
example, you could change from a fixed rate mortgage to a variable rate mortgage.
Fixed rate
Warning: You may have to pay charges if you pay off a fixed-rate loan early.
Variable rate
Warning: The cost of your monthly repayments may increase.
5

Arrears Repayment Plan
If you have some extra money at the end of the month you can opt for the Arrears
Repayment Plan, temporarily paying an increased monthly repayment which will be
used to clear your mortgage arrears.
Split Mortgage
We split your mortgage into two accounts to reduce your monthly repayments. You
make interest only payments on the “warehouse” account at a reduced rate and
you continue to pay the full capital and interest payments on the other portion at the
rate applicable at that time. As your circumstances improve, you pay the outstanding
money owed on this second (warehouse) account.
Capitalisation
You can add your outstanding arrears to the remaining capital balance and repay
them both over the life of your mortgage.
Some important things to notes:
We may not always offer you an arrangement – this will depend on your circumstances.
In this case, we will contact you to outline the options that are available to you.
Home loan customers will not be required to change from an existing tracker mortgage
to another mortgage type.
The repayment options outlined here may result in you paying additional interest on your
mortgage over the term of the loan.
An overdue balance on your accounts may have a negative effect on your credit rating.
This, in turn, may reduce your ability to get loans in the future.
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.
6

Our appeals process
We are committed to providing you with the highest
standard of service. We hope that you never have any
reason to raise an appeal with us, but if you do, we want to
hear from you so we can address your concerns as quickly
and as fairly as possible.
You have a right to appeal:
• our decision on your request for an alternative repayment arrangement;
• our treatment of your case within the Mortgage Arrears Resolutions Process;
• if you feel we are not complying with the Code of Conduct on Mortgage Arrears.
You can appeal any time up to 22 business days from when you receive the letter
explaining Springboard Mortgages’ decision. The appeal letter should be sent in
writing to:
The Appeals Board,
Springboard Mortgages, Pioneer House,
Ulster Science & Technology Park, Branch Road,
Derry, BT48 OSP.
If you are unhappy with the outcome of
your appeal, you may refer the matter
to the Financial Services Ombudsman
for arbitration. The Ombudsman is an
independent adjudicator whose services
are available free of charge to customers.
Contact details for the Financial
Services Ombudsman can be found at
the back of this booklet.
7
We also recommend
that you….
1. Check if you are eligible to
receive State support such as a
Mortgage Interest Supplement.
(See Department of Social
Protection contact details at the
back of this booklet.)
2. Ensure that your Home
Insurance and Life Assurance
are in place to cover your loan
commitments at all times.

What’s next?
Please complete and sign the Standard Financial Statement
which is available to download from
www.springboard.ie
Alternatively, call us on any of the contact numbers listed at
the back of this booklet and we will be happy to post a form
out to you.
What we need from you
If you are seeking an alternative repayment arrangement, you and all customers on the
mortgage must provide:
• Three months of your most recent bank statements for your main current account.
• Proof of your income: two recent payslips, your most recent P60, and any receipts
for Social Welfare, Mortgage Interest Supplement and Family Income Supplement
payments.
• Six months of your most recent business bank account statements if you are selfemployed,
and one of the following forms of proof of your income:
a) A letter from your Accountant confirming your current year earnings or;
b) A copy of your most recent tax balancing statement setting out your income for
that tax year.
Springboard Mortgages reserves the right to seek additional information, including financial
accounts, as appropriate.
Once you have gathered all your documentation, post it to us at Springboard Mortgages,
Pioneer House, Ulster Science & Technology Park, Branch Road, Derry, BT48 OSP.
At any stage, if you have any queries or need any guidance, call us
on 0818 220242. We are here ready and willing to help.
8

Helping you though
difficult decisions
We want to do everything we can to help customers who
are facing mortgage arrears. However, there may be
circumstances where your mortgage is simply no longer
affordable. Where this happens, you may need to consider
selling your home or voluntarily surrendering it to us.
What can happen if you
don’t engage with us
If you do not engage with us or co-operate with the Mortgage Arrears Resolution
Process, we may take legal action against you.
If Springboard Mortgages begins legal action, you face the possibility of
losing your home. Your home may be repossessed.
Any costs relating to legal action are payable by you and will be billed to your
mortgage account.
If your property is repossessed or sold voluntarily and the proceeds from the sale do
not cover your mortgage account loan in full, you will remain liable for the remaining
balance.
9

HOUSING LOANS UNDER CONSUMER CREDIT ACT 1995
Please note carefully the following information relating to Housing Loans within the meaning of the Consumer Credit
Act 1995.
WARNING: “YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER
LOAN SECURED ON IT.”
VARIABLE RATE LOANS:
“THE PAYMENT RATES ON THIS HOUSING LOAN MAY BE ADJUSTED BY THE LENDER FROM TIME TO TIME.”
TRACKER MORTGAGE LOANS:
1. The interest rate applicable to Tracker Rate Loans will directly track the movements of the European Central Bank
Main Refinancing Operations Minimum Bid Rate (the “ECB Rate”).
2. The ECB Rate may be increased or decreased from time to time by the European Central Bank (ECB). Springboard will
apply all increases and decreases within one month from the date announced by the ECB as the effective date.
3. If we cannot use the ECB Rate for this Loan, we will use another reference rate or calculation that is fair and
reasonable.
FIXED-RATE LOANS:
A redemption fee is payable calculated in accordance with the following formula:
(Mortgage balance) X (Break Funding Cost) X (Unexpired Fixed Rate Terms in days/360)
Where:
Mortgage balance is the balance repaid and/or the balance of the Mortgage at the date of conversion to another
interest rate.
Break funding cost is the difference between the following annualised interest rates:
(a) The fixed interest rate pertaining to the Loan at the date of repayment or conversion and
(b) The new business fixed interest rate applicable either when the balance is repaid or the Loan is converted.
Unexpired fixed-rate term is the period remaining in days to the end of the broken fixed interest rate period from the
date the balance is repaid or the Loan is converted.
ARREARS:
Interest will be applied to the outstanding balance of the Loan. This balance includes any element of unpaid interest and
charges, which will accrue interest and be capitalised to the account. In addition, an arrears fee of €15 may be payable
for every month or part of a month, between the due date and the actual date the repayment is made and, if payable,
will be charged and applied to the Loan.
FIXED-RATE LOANS:
Warning: You may have to pay charges if you pay off a fixed rate loan early.
INTEREST-ONLY LOANS:
Warning: The entire amount that you have borrowed will still be outstanding at the end of the interest-only period.
If you are having difficulties or anticipate having difficulties making your Loan repayments call our
Arrears Support Unit on 0818 220242.

USEFUL NUMBERS
Springboard Mortgages
Springboard Mortgages: 0818 220242 Lines are open Monday to Friday, 9am to 5.30pm
(excluding bank holidays).
Calls may be recorded.
Online: www.springboard.ie
Here are the contact details of some institutions and agencies that may be of
help to you.
Money Advice and Budgeting Service (MABS)
MABS is a national, free, confidential and independent service for people in debt or in danger
of getting into debt.
MABS Helpline: 1890 283 438 (Mon – Fri, 9am to 8pm)
Online: www.mabs.ie or www.keepingyourhome.ie
Mortgage Arrears Information Helpline
The Mortgage Arrears Information Helpline provides information in relation to the Code of
Conduct on Mortgage Arrears and the support available for customers in arrears or worried that
they may soon be in arrears.
Phone: 0761 07 4050
Online: www.keepingyourhome.ie
Citizens Information Board
The Citizens Information Board helps people to access accurate, comprehensive and clear
information relating to social services.
Citizens Information Board,
Georges Quay House, 43 Townsend St, Dublin 2
Lo Call: 1890 777 121
Online: www.citizensinformation.ie
Department of Social Protection
Lo Call: 1890 66 22 44 (Mon – Fri, 9am to 5pm)
Lo Call: 1890 20 23 25 (24 Hours a day, 7 days a week)
Online: www.welfare.ie
Financial Services Ombudsman
Financial Services Ombudsman
3rd floor, Lincoln House, Lincoln Place, Dublin 2
Lo Call: 1890 88 20 90
Tel: (01) 662 0899
Online: www.financialombudsman.ie

Springboard Mortgages, Pioneer House, Ulster Science and Technology Park, Branch Road, Derry, BT48 OSP. P: 0818 220242
Springboard Mortgages Limited, trading as Springboard Mortgages, is regulated by the Central Bank of Ireland.
www.springboard.ie Reference: SML074(12/12)