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Free Independent Financial Advice for Borrowers in Mortgage Distress

Free Independent Financial Advice for Borrowers in Mortgage Distress
06 Sep 2012

The Housing Agency welcomes the announcement by Minister for Social Protection Joan Burton TD (6 September 2012) regarding the provision of free independent professional financial advice to borrowers in mortgage distress.

The Minister said: “I am pleased to announce today that independent financial advice will be available to mortgage holders who are being offered long-term resolution proposals by their lenders. This advice will be provided by a panel of accountants drawn from members of the main accountancy institutes in Ireland who have agreed to participate and support this independent service.”

The Minister explained, “when a lender is proposing longer-term mortgage resolutions the lender will advise the borrower to obtain independent financial advice on the proposed arrangement and that, if the borrower wishes to avail of this option, that the lender will pay €250 to an accountant of the borrower’s choosing for the provision of this advice.’’

The general scope of the advice will be limited to the borrower’s principal private residence.  An operating protocol for the provision of this advice has been agreed between the accountancy bodies and the lenders.  The accounting bodies involved are the:

  • Institute of Chartered Accountants Ireland
  • Association of Certified Chartered Accountants
  • Institute of Certified Public Accountants

Read the full Minister's press release on the MerrionStreet Website

Information Resources:

The Citizens Information Board Mortgage Arrears Information Helpline Service provides general mortgage arrears information and guidance to mortgage holders. The Helpline is Tel: 076 1074050 (Monday to Friday from 9:30am -5pm).

The website,, maintained by the Citizens Information Board, offers detailed information and initial advice to distressed mortgage holders. This is the key online access portal for general mortgage arrears information and advice.