WITH an estimated 4,000 Limerick households unable to repay their mortgages, a new company of mortgage advisory professionals is calling on banks to pass the impending ECB rate cuts to all homeowners. September figures show that almost 95,158 residential mortgage holders throughout Ireland are either in arrears of 90 days or more, or have had their mortgage restructured. A new mortgage advisory service, Mortgage Negotiators, has been launched on behalf of both buy to let investors and homeowners.
According to Mortgage Negotiators, the banks need to play their part in assisting homeowners through their financial troubles.
Trevor Grant, managing director of the fee-based consultancy, has commented, “The latest announcement from the ECB signalled that we are likely to see a reduction in rates over the coming months. We are calling on banks to pass this cut on to those homeowners on standard variable rate mortgages”.
He points out that contrary to case of tracker mortgage customers, there is no legal obligation on the part of the bank to pass any rate cut on to variable rate holders.
Mortgage Negotiators is a consultancy specialist which aims to help struggling mortgage holders understand their liabilities in order to assess the options available to them and to outline their possible solutions to financial predicament.
Mortgage Negotiators offers fee-based advice to those experiencing significant difficulty in meeting mortgage repayments. It is focused on helping those who have more than one mortgage, i.e. buy to let investors.
The service includes an initial financial consultation, a comprehensive review of the individual’s personal financial position, an assessment of the options available to address the mortgage issues, preparation of one or more applications (including the now compulsory Standard Financial Statement), submission and negotiation with each lender.
Clients will then be advised on best course of action based on any offers or demands made by the lenders.
