Munster Express Online

Housing charity Respond believes that more needs to be done to help those in mortgage arrears who face losing their homes.

Respond, which has just published its Homeowners Mortgage Support Scheme, said it aims to assist those struggling to repay a mortgage that exceeds the value of their home.

According to spokesperson Aoife Walsh, the scheme is needed for the 25,000 families currently in mortgage arrears who may face the possible repossession of their home when the mortgage moratorium expires in February 2010.

“The number of families in mortgage arrears has almost doubled in the past year,” said Ms Walsh.

“While endless supports are being offered to our financial institutions, the same cannot be said of those who facing losing homes partly due to the reckless lending of the very same institutions.

“We are calling on the Government to adopt this Homeowners Mortgage Support Scheme that will reduce monthly mortgage repayments for families that are struggling due to recent unemployment or a significant reduction in income.”

Said Ms Walsh: “In the past 13 years, we have witnessed massive increases in personal indebtedness from 58 per cent of disposable income in 1996; to 100 per cent in 2003; to an alarming 175 per cent in 2007.

For full story see our print edition.

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