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The Consumer Credit Act, the Consumer Protection Code, and practical guidance if you're struggling with repayments.
The Consumer Credit Act was enacted to protect consumers entering financial agreements. Further codes of conduct and legislation — including the Consumer Protection Code and the European Union Mortgage Credit Regulations — are in place to protect consumers further.
Warning: your home is at risk if you do not keep up payments on a mortgage or any other loan secured on it.
The payment rates on this housing loan may be adjusted by the lender from time to time.
Warning: there is no guarantee that the proceeds of the insurance policy will be sufficient to repay the loan in full when it becomes due for repayment.
Some homeowners have problems paying their mortgages — the end of a relationship, the loss of a job, or unexpected expenses. If you're having financial problems, act quickly, even if the problem is temporary. Keeping up with your mortgage payments should be your top financial priority; the longer arrears build up, the harder they become to control.
If you fall behind on payments, take action straight away. Many lenders charge penalty fees for missed payments, and the sooner you deal with the situation, the more options you have.
If you have difficulty paying your mortgage — or think you will — talk to your lender as soon as possible. There is often a solution. If you haven't yet decided what to do, explain that you're getting specialist advice about your options.
Paying your mortgage has to be your top priority, even under pressure to pay other debts. Keep paying as much as you can afford — it helps stop arrears rising too quickly and shows your lender you're trying to tackle the problem.
Also known as income protection insurance, these policies help meet your day-to-day costs — mortgage, loan repayments, insurance, and living expenses — if you're unable to work due to accident or illness. They're designed to cover up to 75% of your income, or a lower amount to suit your budget.
The best way to resolve a payment problem depends on your circumstances. Consider:
If none of these are possible, you may decide to sell your home voluntarily.
Working out your options can be complicated. You can get free, specialist advice from mabs.ie, or talk to one of our consultants on 01 832 7250 — we can help you understand your options and, where needed, negotiate with your lender.