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Q. I have recently lost my job and I am really struggling
to pay my mortgage. I’m worried that I will lose my tracker rate.
What help can I get, if any?
20.03.11
You should talk to your mortgage lender as soon as possible,
don’t delay and allow arrears to build up. Your lender must adhere
to a set code of conduct which means, among other things, that you
cannot be asked to change from an existing tracker mortgage against
your wishes.
Your lender must explore all options for alternative repayment
arrangements with you. These can include paying interest only for a
period, extending the term of the mortgage or capitalising any
arrears and interest. If you agree and keep to an alternative
repayment arrangement with your lender they cannot initiate legal
action against you.
You may also be entitled to Mortgage Interest Supplement from the
Community Welfare Officer at your local health centre. This is a
short-term means-tested payment to help you with your mortgage
interest repayments. Part of the form will need to be filled in by
your lending agency. (Your lender must give you any information you
need to claim State benefits or supports within 10 business days of
your request.). You should also ensure that you are getting whatever
amount of mortgage interest relief you are entitled to.
The Money Advice and Budgeting Service (MABS) is a free service to
help you plan a budget and deal with debt (
www.mabs.ie , Lo-call 1890 283
438).You can also visit the Citizens Information Board’s website,
www.keepingyourhome.ie
for comprehensive information on mortgages arrears and related
issues.
Citizens Information: Buncrana 074 9363496; Carndonagh 074 9373741
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