Galway mortgage holders are being urged to take advantage of a new financial advice service that is being provided for those experiencing difficulty with payments.
The free professional financial advice will be provided to borrowers in mortgage distress and is being funded by the banks and other lending institutions. The service will involve the provision of advice to distressed mortgage holders by accountants from independent accountancy institutes.
The move has been welcomed by Galway TD Brian Walsh, who said it would be of great assistance to those facing difficulty meeting their repayments. He added that people are under “real stress” in their efforts to balance their financial situation and the initiative would help these people to find solutions to their repayment issues.
“I very much welcome that the cost of this initiative is being fully funded by the banks. It sends out a message that they are committed to resolving situations where people have mortgage repayment issues. €10 million has been made available by the banks for this initiative, with each mortgage holder being able to avail of services amounting to €250,” he explained.
Borrowers will be able to select an accountant from the panel of participants, which will be available on a county-by-county basis on the Citizens Information Board website at www.keepingyourhome.ie.
Approximately 1,000 accountants are expected to join the panel, which will be available by mid-September.
The website also offers detailed information and initial advice to distressed mortgage holders, with a Mortgage Arrears Information Helpline available on 0761-074050 to provide general mortgage arrears information and guidance to mortgage holders.
“There are no quick fixes to the mortgage debt problem and I am aware that each distressed mortgage holder faces their own individual set of circumstances. The important thing is that people engage with their lender,” added Deputy Walsh.