Dáil Éireann Debate, Tuesday - 21 September 2021
175. Deputy Holly Cairns asked the Minister for Finance his views on the finding in the IHREC and ESRI Monitoring Adequate Housing in Ireland report that persons with a disability are more likely to be in arrears on mortgage payments; and if he will make a statement on the matter. [44594/21]
View answerI note that the IHREC and ESRI Monitoring Adequate Housing in Ireland report indicates that 16 per cent of people with disabilities experienced housing cost arrears (on rental or mortgage payments) in 2018/2019 compared to a figure of 9 per cent for the overall population.
In relation to mortgaged borrowers who are experiencing difficulty in meeting their payments on a mortgage which is secured on a primary residence, the Code of Conduct on Mortgage Arrears 2013 (CCMA) ensures that Central Bank regulated entities have fair and transparent processes in place for dealing with borrowers in or facing mortgage arrears. The CCMA sets out the process that entities must follow when a borrower is in or facing difficulties with their mortgage payments and due regard must be given to the fact that each case is unique and needs to be considered on its own merits. All cases must be handled sympathetically and positively by the regulated entity, with the objective at all times of assisting the borrower to meet his or her mortgage obligations.
In particular, for 'co-operating' borrowers regulated entities must explore all of the options for alternative repayment arrangements (ARAs) offered by that entity, in order to determine which ARA, if any, is appropriate and sustainable for the borrower’s individual circumstances. Under the CCMA, a regulated entity may only commence legal proceedings for repossession where it has made every reasonable effort to agree an ARA with the borrower and other clear requirements are met, or the borrower has been classified as 'not co-operating'.
The CCMA also provides for an appeals mechanism, including where the entity declines to offer an ARA, where the borrower is not willing to enter into an ARA offered, or where the entity classifies the borrower as 'not co-operating'.
In addition, the Consumer Protection Code provides that where a regulated entity has identified that a personal consumer is a vulnerable consumer, the regulated entity must ensure that the vulnerable consumer is provided with such reasonable arrangements and/or assistance that may be necessary to facilitate him or her in his or her dealings with the regulated entity.
The Deputy may also wish to note that if a person is not satisfied with the way a regulated entity is dealing with them, including in relation to a mortgage arrears situation, the person has the right to take the case to the statutory Financial Services and Pensions Ombudsman.
