chief executive of the Irish Mortgage Holders’ Organisation, predicted that the changes would make “no difference” to borrowers.
Mr Hall believes the number of those in serious mortgage arrears may now be higher than the 24,000 assessment, partly due to the impact of Government Covid-19 restrictions.However, he acknowledged that State efforts to combat the pandemic have not had as much impact on homeowners’ debts as was predicted when the virus first struck almost two years ago.
He noted that as formal personal insolvency settlement tied debt repayments to the values of the homes involved, recent property price rises could rule this option out for many borrowers.“The existing regulatory framework provides a significant number of protections and supports for borrowers in or facing mortgage arrears,” said its statement.