There is good news for mortgage holders from the Financial Regulator, according to Minister for Labour Affairs Dara Calleary.
The Financial Regulator has issued an amendment on the Code of Conduct on Mortgage Arrears. The Regulator has extended the moratorium from six months to 12 months on legal repossessions for all lenders regulated by the Financial Regulator, including sub-prime lenders.
“I know that many families in Mayo are under pressure at the moment and are finding it hard to make their mortgage repayments because of losing their jobs or a reduction in their hours. It is important that every support possible is given to people who are struggling,” said Minister Calleary.
“Fear of repossession is often paralysing, but it is vital that mortgage holders who find their financial circumstances changing contact their lender immediately to discuss their options. The moratorium of 12 months will only apply where the borrower engages with their lender and will commence from the date the borrower first goes into arrears,” concluded Minister Calleary.
