The Government is to provide free independent legal advice to home-owners struggling with mortgage problems.The banks will have to foot the bill for the new service.
When Banks are proposing a deal to help struggling mortgage holders, they’ll often advise the borrower to get independent financial advice on the proposed arrangement.
This normally costs 250 euro.
Today’s announcement means the cost of the service will be met by the banks and other lenders and could cost them around 10 million euro.
But the scope of the deal will be limited to just dealing with the borrowers main residence.
The Government says its aware that there are no quick fixes for mortgage debt problems.
And that home-owners experiencing difficulties need to contact their lender.
