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Mortgage Schemes

Dáil Éireann Debate, Wednesday - 3 March 2021

Wednesday, 3 March 2021

Ceisteanna (178)

Christopher O'Sullivan

Ceist:

178. Deputy Christopher O'Sullivan asked the Minister for Finance the steps he can take to ensure that first payments on new mortgages can be deferred where the homeowner is unable to move into his or her new home from rental accommodation due to deferred construction works as a result of Covid-19; and if he will make a statement on the matter. [12108/21]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

The terms for the repayment of a loan will normally be provided for in the particular credit agreement and any decision to adjust those repayment terms, including in respect of when a borrower commences repayment, will be a commercial matter for the lender.

However, if a borrower is experiencing loan repayment difficulty, irrespective of the particular point they are at in their loan term, then the provisions of the Code of Conduct on Mortgage Arrears (CCMA) and the relevant provisions of the Consumer Protection Code as appropriate will apply. I appreciate the stress and uncertainty that many borrowers are facing at this difficult time, and the added pressure for those who are in the process of moving to their own home. Therefore, in respect of any borrower who is in arrears or pre-arrears on a mortgage which is secured on a primary residence, the protections provided for in the CCMA will be available and it is the clear expectation of both the Government and the Central Bank that lenders should engage effectively and sympathetically with such borrowers and where possible to agree a viable alternative repayment arrangement in order to address the particular difficulty.

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