Example of a Financial Review

Monthly Income



  Child benefit


  Total Income



Monthly Household Expenditure



  Household Energy










  Insurance & Pensions


  Household Services


  Total Outgoings



Monthly Short Term Debt Repayments

  Car loan


  Credit card


  Total Short Term Debt Repayments




Monthly Affordability Assessment

  Monthly Income


  less Allowable Monthly Expenditure


  Affordable amount for all debt


  less Allowable Short Term debt
  Repayments (Maximum 15%)


  Affordability for Mortgage Repayment


  Full Mortgage Repayment


  Monthly Shortfall



*2 Adults and 2 children family.  Allowable expenditure is assesed in line with the Insolvency Service of Ireland guidelines on reasonable living expenses. These Guidelines can be found on www.citizensinformation.ie

** A maxmimum of 15% of debt repayment affordability is allowed for short term debt repayments

*** This example results in a monthly shortfall of €167

**** Following the financial assessment, Ulster Bank agreed to temporarily reduce the monthly mortgage repayment to €1,333 for six months.

In this example it is important to understand that the reduced repayment is less than the amount required to cover the monthly mortgage payment. Therefore the mortgage balance and the interest due will continue to increase until such time as this shortfall is fully repaid.

Every customer's circumstances are different so our Ulster Bank staff will review your situation and then discuss some solutions potentially available to you. Our trained advisors will explain any proposed alternative repayment arrangement and provide you with written details.

The arrangement will then be reviewed by Ulster Bank within six months. As part of this review we will contact you to discuss whether there has been any change in your individual circumstances. That way we can determine whether the alternative arrangement is still appropriate for you.