Homeowners should be given mortgage reprieve, says Labour

HOMEOWNERS should be given a two-year reprieve from mortgage payments before moving to repossess their home, the Labour Party has suggested.

The party also called for the establishment of a National Home Mortgage Service (NHMS) to advocate on behalf of those struggling to repay their debts.

Labour’s housing spokesman Ciarán Lynch said the code of conduct the banks were signed up to did not offer enough protection. He said the 12-month hiatus would not see families through and a longer wait would encourage lenders to restructure loans rather than seeking foreclosure.