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Dublin: 12 °C Wednesday 22 May, 2019

Banks called on to share mortgage arrears code in all branches

The Legal Advice Centre has said that banks should make more widely available new regulations concerning mortgage holders that fall behind on repayments.

Image: Tom Courtney via Creative Commons

BANKS HAVE BEEN urged to make available a code of conduct relating to the protection of mortgage holders who have fallen into arrears.

The Free Legal Advice Centre (Flac) has said that revised information on the protection of mortgage holders, entitled the Code of Conduct on Mortgage Arrears, which was introduced by the Financial Regulator recently should be available in all branches across the country.

The new code of conduct became available on 1 January 2011, and has forbidden banks from imposing penalties on mortgage holders who have fallen behind on their repayments or from forcing them to switch from tracker mortgages. It also means that banks cannot harass customers with phonecalls, emails, and letters if they fall behind on their repayments.

Noeline Blackwell, director general Flac told the Irish Times:

“Given the indicated rise in interest rates, and the reduced pay packets for so many, there is an urgent need for much wider reform . . . [for] those who despair of dealing with their overall debt situation. [We are] seeking commitments from all political parties to treat this as a priority issue in the upcoming election.”

Read the Code of Conduct on Mortgage Arrears here.

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