Bank customers who require a break from repaying their mortgages or loans because of the impact the Covid-19 crisis is having on their finances will have to apply for one by 30 June, the Banking and Payments Federation Ireland has said.
The BPFI said the deadline has been set by the European Banking Authority. As a result, the federation is urging anyone who needs a payment break to contact their lender as soon as they can.
The BPFI said 140,000 customers are now on payment breaks. Nearly 80,000 of those relate to mortgages, with almost 36,000 connected to SME loans.
It said banks are now undertaking significant engagement with those whose breaks were issued in March and contacting them to discuss options for when the break comes to an end.