Free financial advice made available to struggling mortgage-holders

on 06/09/2012 07:48:49

The Government is to provide free independent financial advice to homeowners struggling with mortgage problems.

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.