Sunday 18 February 2018

Cooperation is key to resolving mortgage arrears

There is no more help on the way so those in debt must make use of the options now available, writes James Fitzsimons

James Fitzsimons

THE range of options for those in mortgage arrears is now complete. It might not provide what you were waiting for, but this is as good as it gets. If you haven't already taken steps to work things out with your lender, it's not too late. But you might have to go to court to get what you deserve, or at least take steps to secure what you have.

The banks have one agenda – do it their way, or suffer the consequences. They face a new round of stress-testing in the New Year that they cannot pass without another injection of capital. Repossession gets them closer to where they need to be.

There are nearly 200,000 residential mortgages in arrears of one kind or another. A few are there by choice, but the majority are there out of necessity. No matter what the reason, if you have defaulted on your repayments, you face repossession if you can't find the funds to buy your way out. If lenders treat you as not cooperating, repossession is what they want.

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