Standard Financial Statements

What is a Standard Financial Statement?

A Standard Financial Statement (‘SFS’) is an application form which your lender must use to obtain financial information from you under the Mortgage Arrears Resolution Process (‘MARP’) framework set out in the Code of Conduct on Mortgage Arrears (‘CCMA’). The SFS will be used by your lender when assessing your case to decide whether or not to offer you an alternative repayment arrangement (reduced repayments, interest only or a payment break) and what type of arrangement is appropriate to your circumstances.

Your lender must assist you to complete the Standard Financial Statement (‘SFS’) and may already have a lot of the information requested on their file.

However, if you would like to complete the SFS yourself or to prepare in advance to complete with your lender, the following is a summary of the sections of the SFS to be completed:

Section A: Account & Borrower Details
• Mortgage Account number, balance of mortgage, monthly repayment and estimated value of
your home
• Personal details such as name, address, date of birth, telephone number, email address, marital status, number and age of children and job status

Section B: Your Monthly Income
• Gross Annual Income
• Net Monthly Income
• Other Income, such as Child benefit, social welfare entitlements and room rental

Section C: Monthly Household Expenditure  
• Detailed list of personal and household expenditure – very useful to assess your
monthly outgoings

Section D: Your Current Monthly Debt Payments
• Details of all of your personal borrowings including your Homeloan, personal loans, overdraft, car loan, credit cards etc – you will need to know the monthly payments, the outstanding balances, the number of years remaining, the level if any arrears on each, the name of each lender and any security you have given for each loan

Section E: Property Assets (other than Primary Residence)
• Details of any investment properties, holiday home or business premises to include the address of the properties, their values, the balance of the mortgage, monthly repayments, monthly rental income, monthly expenditure,  any arrears and the name of each bank

Section F: Non-Property Assets
• Details of any other assets, such as: Savings, Deposits, Investments, Shares etc
• Details of any redundancy received are due

You should fill out the form honestly and provide any documentation your lender asks for. If you do not, you can be classified as not co-operating with your lender and the 12 month waiting period (moratorium) for beginning legal action for repossession of your property will no longer apply to you.


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Contact Sigma Services

Sigma Services
17, South Bank, Crosses Green,
Cork, Ireland

T: +353 21 4311885