COVID-19 Financial Difficulties
During this unprecedented and challenging time, BCMGlobal is aware of the difficulties borrowers may face.
Everyone is heavily affected by our current situation, and we understand that businesses and people might face financial difficulty. At BCMGlobal, we want to work with you to help.
We’ve provided a form below that you’ll need to fill out if you would like to apply for an (ARA) on your mortgage repayments. One of our dedicated case managers will be in touch with you regarding your application within 24 hours of submission.
It’s important to note that when this ARA period ends, your mortgage repayments will increase, as the outstanding amount from the ARA period will be added to your mortgage. This ensures the total amount outstanding is repaid (together with interest due) within the existing mortgage loan term.
We recommend you submit the below form well in advance but no less than ten days before your next scheduled repayment date. This should allow adequate time for review.
A typical worked example:
A customer who has a mortgage of €300,000 over a 25-year term, on a 3.5% interest rate
- Current monthly repayments = €1,502
- After four years and nine months the customer takes a three-month mortgage repayment break.
- At start of year five they commence monthly repayments again.
- Their monthly mortgage repayment increases to €1,528.
This is an increase of €26 per month (an additional €1,734 over the term of the mortgage). The repayment increases to ensure that the loan is still repaid by the agreed maturity date.
Apply for an Alternative Repayment Arrangement
If you have any questions, please get in contact with us at: 1890 100 045 or email firstname.lastname@example.org
We recommend you seek appropriate legal and/or financial advice for this application.