Daft Property - Irish Property News

Over 30,000 homeowners renegotiate mortgages... More than 30,000 struggling homeowners have negotiated alternative mortgage repayment options with banks and building societies in a bid to hold onto their homes, according to estimates from the Irish Banking Federation. A spokesman for the IBF said that mortgage customers in financial difficulty had negotiated a range of agreements with lenders, including payment breaks, longer mortgage terms and interest-only periods. ‘‘Things are difficult and people are under pressure, but it’s a case of picking up the phone and discussing the options with your lender in good faith," he said. The IBF will launch a new consumer guide to dealing with mortgage repayment difficulties this week. It recommends that mortgage customers in financial difficulty should contact their lender as soon as possible, and be sure to respond to letters or phone calls in relation to arrears. Under the statutory code of conduct on mortgage arrears, lenders must wait a...