February 2010 – Good news for under pressure mortgage holders as moratorium on repossessions extended - Minister Brady

There is good news for local mortgage holders from the Financial Regulator according to Minister of State and Fianna Fail TD for north Kildare, Áine Brady.

"The Financial Regulator has issued an amendment on the Code of Conduct on Mortgage Arrears."

"The Regulator has extended the moratorium from 6 months to 12 months on legal repossessions for all lenders regulated by the Financial Regulator including sub-prime lenders."

"There are many hard pressed mortgage holders in north Kildare. The level of new homes in the area increased hugely in recent times and many young homeowners are finding themselves in difficulties due to loss of jobs or reduction in pay or hours."

"It is vital that every support possible is given to those who are trying to save the family home."

"Fear of repossession is often paralysing, but it is vital that mortgage holders who find their financial circumstances changing contact their lender immediately to discuss their options. The moratorium of 12 months will only apply where the borrower engages with their lender and will commence from the date the borrower first goes into arrears," concluded Minister Brady.

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