Banks and Mabs collaborate over mortgage debt advice

Mortgage brokers and debt advisers have warned that households are already struggling.

Banking and Payment Federation Ireland (BPFI) chief executive Brian Hayes said that institutions 'are very aware that with the increased cost of living, as well as recent rises in interest rates, many households are coming under increased financial pressure'. File picture: BPFI

Irish banks are collaborating with the Government-funded Money Advice and Budgeting Service (Mabs) to launch a new website to help mortgaged households that are struggling with the sharp increases in interest rates since last summer. 

The Banking and Payments Federation Ireland (BPFI) — the industry group for AIB, Bank of Ireland, Permanent TSB, credit servicing firms, and other institutions — said it has set up  the website DealingWithDebt.ie as part of a "nationwide campaign for customers concerned about mortgage repayments due to cost-of-living pressures".