New Code makes it more important that mortgage holders check their contracts and know their rights: Doherty
Sinn Fein finance spokesperson, Pearse Doherty TD, has said it is more important than ever that mortgage holders know their entitlements and understand their contracts.
Deputy Doherty said:
“From today the Central Bank’s new Code of Conduct on Mortgages kicks in. This change in the Code favours banks over mortgage holders and allows them greater scope to place more demands on struggling homeowners.
It is more important than ever that mortgage holders know and understand their rights and their contracts.
For example, today it has emerged that many people on fixed mortgages for the last five years are entitled now to switch to a tracker mortgage. The banks must be prompt and open in bringing this to the attention of those who could benefit.
People need to know that if they are struggling to pay their mortgage that they are not alone. Almost one in four of mortgage holders is in mortgage distress and many more are skipping other bills to make sure they do not fall into arrears.
The government has unfortunately sided with the banks and the new Code which applies from today goes hand-in-hand with the reversal of the Dunne Judgment which protected the Family Home which is due to pass through the Dáil this week. The government’s strategy is clear: let the banks off the leash regardless of the social and economic impact.”