Mayo homeowners who run into problems with their mortgage repayments will have extra protection under measures committed under the Renewed Programme for Government, according to Fianna Fáil TD Beverley Flynn.
Deputy Flynn has welcomed the new measures, saying she wants to see more action taken to protect those people who have been put in a difficult financial position due to the downturn in the economy.
The Government will conduct a review of the existing arrangements and among the steps that are being considered to help families in these situations are reduced interest rates; longer maturity dates; the rolling up of outstanding interest; banks taking equity in the house or banks taking ownership and leasing back to the resident with rent payments coming off the overall mortgage.
“I was very pleased to see that the Government has given this commitment as it is something I have been pushing for over the past few months,” said Dep Flynn. “We all know of families who are suffering, often in silence, because of the economic downturn. Some of these are having difficulty making their monthly mortgage payments and this is obviously causing a great deal of stress and worry to them.
“Given that the Government is trying to shore up the economy by introducing the NAMA legislation to assist the banks, it is vital that we ensure they introduce flexibility to mortgage holders. If the banks are being assisted by taxpayers’ money, those same taxpayers around the country should have the same courtesy extended to them by the banks.
“The exact details of the plan for mortgage holders are still to be worked out but I was greatly encouraged that it was stated so clearly in the Renewed Programme for Government. I will remain in contact with the Minister for Finance Brian Lenihan TD to ensure these measures are introduced as soon as possible,” Dep Flynn concluded.