Fine Gael Councillor Michael Murphy has welcomed the Government’s provision of free, independent financial advice for homeowners in difficulty with their mortgage.
“The Minister for Social Protection, Joan Burton, has announced that independent financial advice will be available to mortgage holders who are being offered long-term resolution proposals by their lenders,” the Clonmel councillor said.
“The advice will be provided by a panel of accountants drawn from members of the main accountancy institutes in Ireland who have agreed to participate and support this independent service.
“When a lender is proposing longer-term mortgage resolutions the lender will advise the borrower to obtain independent financial advice on the proposed arrangement and that, if the borrower wishes to avail of this option, that the lender will pay up to €250 to an accountant of the borrower’s choosing for the provision of this advice. This cost of the new service will be met wholly by the banks and other lending institutions. The best advice anyone in difficulty with their mortgage can take is to talk to their lender to try to come to a workable solution,” the Councillor continued.
“We all know someone experiencing this problem and the strain of it can be entirely overwhelming. This new development will see a panel of 1000 accountants operating on a county-by-county basis by next week. Each situation is different and there are a number of options available. I would urge anyone facing this problem to make contact with their lending institution to discuss their case