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Can I get out of my mortgage ?

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    #62
    FlexBrowne
    Registered Users Posts: 80 ✭✭FlexBrowne


    cookie1977 wrote: »
    FlexBrowne wrote: »
    Are the Councils bound by this?

    How do you mean. Did you buy under the affordable housing scheme and get a mortgage through your local council?

    Shared Ownership Scheme yes.


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    #63
    cookie1977
    Registered Users Posts: 6,794 ✭✭✭cookie1977


    The shared ownership scheme is one of the options offered for people in arrears so it's not 100% clear but according to some dail questioning (dated Wednesday, 6 June 2012):
    http://debates.oireachtas.ie/dail/2012/06/06/00471.asp
    my Department issued comprehensive guidance to local authorities on the treatment of mortgage arrears, including local authority mortgages for shared ownership transactions, in March 2010. That guidance was closely based on the Central Bank’s first statutory Code of Conduct on Mortgage Arrears to ensure that cases of local authority mortgage arrears are handled in a manner that is sympathetic to the needs of the particular household, while also protecting the position of the local authority concerned.

    To reflect the content of the Central Bank’s revised Code of Conduct — which replaced the previous code from 1 January 2011 and was informed by the deliberations of the Expert Group on Mortgage Arrears and Personal Debt — my Department is currently preparing updated guidance to local authorities in consultation with the City and County Managers Association.

    This guidance will issue shortly and will include a common Mortgage Arrears Resolution Strategy. This will provide for the options available to distressed borrowers from private lenders to continue to be made available to distressed local authority borrowers also.


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