Free financial advice made available to struggling mortgage-holders
on 06/09/2012 07:48:49
The banks will have to foot the bill for the new service. The deal will be limited to dealing with the borrower's main residence.
When banks are proposing a deal to help struggling mortgage holders, they often advise the borrower to get independent financial advice on the proposed arrangement. This advice usually costs €250.
The service announced today could cost banks and other lenders around €10m.
The Government has said it is aware there are no quick fixes for mortgage debt problems and that homeowners experiencing difficulties should contact their lender to discuss their options.