Boost for homeowners
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HOME owners under pressure with their mortgages received a measure of good news from last week's Budget.
Minister for Finance, Brian Lenihan, has requested the financial regulator to examine the six-month moratorium on legal proceedings already in the code of conduct in mortgage arrears to 12 months for all lenders.
At the same time, the Budget also protects those mortgage holders who are in negative equity, where their entitlement to mortgage relief is due to expire in 2010, who will now continue to receive it up to the end of 2017.
Qualifying mortgage loans taken out before July 1st, 2011 will also continue to get relief for seven years - up to 2017 - in order to encourage those who might be thinking of purchasing their first home, while transitional measures will be provided for qualifying loans taken out between July 1st, 2011 and the end of 2013. The measures have been welcomed by local Fianna Fáil TD, Darragh O'Brien, who said they would help to stimulate the housing market.
'As financial circumstances have changed with pay cuts and job losses, many young families in particular have found themselves under pressure repaying their mortgages,' Deputy O'Brien said.
