Lenders draw up plans to deal with mortgage arrears

Significant policy and operational changes in how Irish banks deal with mortgages and other loan arrears are to come into force in the coming months.

Yesterday, the Central Bank disclosed it has started to receive supplemental information from the leading mortgage lenders concerning their mortgage arrears resolution strategies.

The proposed strategies have to be in place and in force by October and will include mortgage-to-rent schemes and variations of split mortgages.