1. At the moment, things may seem very bleak. However, mortgage repayments have to be a year without being paid before a bank can even consider taking repossession proceedings. So that will give you an opportunity to get treated for your bipolar disorder and enable you to get a handle on things.
2. Additionally, it does not matter that you have been paying "interest only" for 2 years now. The one year rule still has to be observed. Be aware additionally that banks have no appetite for repossessing houses. Particularly in a situation where it is illness which is preventing you from making repayments. If you can show that your income has been harmed due to your mental illness but that after treatment your income will improve, then you should be able to make the case to the bank to hold off from repossessing your property for much,much longer than a year. This is the sort of situation where you will be able to obtain assistance from Central Bank guidelines for dealing with mortgage arrears, as repossession cannot occur where you will be able to resume payments once your illness is treated.
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Thank you for your reply which was very helpful .when you said the mortgage has to be a year without payment before bank can start repossessing your home does include the 2 years that you paod interest or start from now when no payment all is made.Also there will not be any change to my income as it is because of my bipolar disorder is the reason I can no longer work fulltime there there will be no increase in my income in the future ,aslo my bipolar is a lifelong illness requiring medication and at times hospital admission .Therefore I cannot and will not be making any payments so does this mean I have 12 months before they can star repossessing the house