# Mortgage Payment Holiday - criteria?



## intermissionian (26 Mar 2020)

Hi Folks,

Does anyone know if the 3-month mortgage payment holiday is subject to a credit check or other criteria?  

E.g. on the Bank of Ireland website it says "Applications are subject to approval. Lending criteria and terms and conditions apply."

What does that mean in practice? E.g. might you be refused if you have some credit card debt etc?


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## Sconeandjam (26 Mar 2020)

The banks are choosing those that are not in arrears or in debt before this situation. 
you may be asked..
are you asking for payment holiday due to this crisis? Were you financially stable and paying your bills before this situation? 
If you have the credit card debt and you have at least paid your minimum you should be ok but not sure. Tryand pay over the minimum than just the minimum if you can.
You will be asked are you in arrears on any other institution?
If you have been refused loans or have a judgement against you. If you been declared bankrupt.
The requests will be sent up to the processing office but do not know if they are doing credit checks. 
taking a fewdays to process at the minute. 
3month mortgage payment and the interest that would havebeen charged will be spread over the remaining mortgage, they are not extending terms. 
this will not affect your credit rating but if you ask for interest only then it will affect credit rating.


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## intermissionian (26 Mar 2020)

Thanks a lot for your reply Sconeandjam


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