IBF publishes advice for homeowners struggling to meet mortgage repayments

September 30, 2011

IBF today published notices in national daily newspapers advising homeowners having trouble keeping up mortgage repayments, or who think this is likely to happen, to contact their bank as soon as possible to discuss what can be done to help.

IBF’s member banks are committed to working with customers to help manage mortgage arrears and keep people in their homes. This work is being given priority in all of our member banks.

The Central Bank’s statutory Code of Conduct on Mortgage Arrears also ensures that mortgage lenders must make all reasonable efforts to assist customers who are experiencing difficulties with their mortgage repayments.

As a result of the actions taken by banks to help customers in difficulty, almost 70,000 customers have had their mortgages restructured and the level of home repossessions has been kept as low as possible.

Customers facing difficulties making their mortgage repayments should contact their bank at the earliest opportunity and provide the information required.

The notice concludes:

“Remember too that, no matter how difficult your situation is, it is important not to ignore communications from your lender - your bank wants to work with you to find a solution and this can only be done by talking to each other.”

The notice was issued by the Irish Banking Federation on behalf of the following banks: ACC Bank plc, AIB, Anglo Irish Bank Corporation Limited, Bank of Ireland, Bank of Scotland plc, EBS Limited, ICS, KBC Bank Ireland plc, Leeds Building Society, National Irish Bank (Danske Bank A/S), permanent tsb, Ulster Bank.

Contact details for each bank are available on the IBF website here.

Note: The Irish Banking Federation (IBF) is the leading representative body for the banking and financial services sector in Ireland, representing over 80 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

Further Information: Felix O’Regan, Director Public Affairs, IBF, tel. 671531, 087 6481644