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NI GA

NI GA

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Reducing your monthly repayments for a specified period.

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

We cannot ignore the fact that you may be in arrears, write off your arrears or ignore broken arrangements, but we can help you deal with your financial challenges.

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.

Mortgages are, by their nature, long term loans. Should your financial circumstances improve, you may decide to accelerate your payments to repay your mortgage over a shorter term, or make lump sum payments (if you’re on a variable rate). Options and arrangements made today do not necessarily have to stay in place for the remainder of the life of your mortgage.

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.

STEP 5: APPEALS

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.

An Appeals process has been set up by EBS to independently review:

Changing the type of mortgage, for example, from a fixed rate to a variable rate. However, it is important to note that a fixed rate breakage charge may apply. Mortgage holders on a tracker mortgage will not be required to move from the tracker mortgage.

The decision of the Arrears Support Unit (ASU).

Treatment of the mortgage holders case under the MARP, or

The Deferred Interest Scheme could also be an option providing qualifying criteria are met.

Compliance with the requirements of the Code.

It is important that you fully understand the implications of any new arrangement before you go ahead with it.

Should you wish to make an appeal about any aspect of the MARP, please follow the steps below:

Once an arrangement is agreed, EBS will monitor each case on an ongoing basis with a formal review at least every six months. This will help us to see if there has been any change in your circumstances since the arrangement was put in place. A review will take place immediately if you do not stick to the terms of the arrangement. Provided that EBS and the mortgage holder can work together, the threat of legal action will be some way down the road.

Once a plan has been agreed, it is really important that you stick to it. If, for any reason, you are unable to stick to the plan you need to tell us immediately.

CA GE

MARP

Step A: Raise the issue with your local EBS within 21 business days of receipt of our decision letter. Any additional or updated information that you can provide will assist this review.

STEP 4: RESOLUTION

The EBS Arrears Support Unit will explore a number of alternative repayment options to find the most suitable for your circumstances.

OPTIONS MAY INCLUDE:

CA GE

MARP

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