Banks’ pledge to home owners ‘useless’

A PLEDGE by mortgage lenders to help struggling customers are useless without legal backing and the inclusion of subprime lenders, organisations aiding those in financial difficulty have claimed.

The 10 major banks and building societies have vowed not to take immediate legal action against hard-pressed homeowners – but only if they can work out a deal on repayments.

In a so-called statement of intent, the Irish Banking Federation (IBF) said it was looking to help customers who were facing genuine difficulties due to “changed economic circumstances”.