Call for two-year reprieve on mortgage repayments

MORTGAGE holders unable to meet repayments should get a two-year reprieve during which banks and financial institutions are prevented from taking legal action to take over their homes.

A report by the Oireachtas Committee on Social and Family Affairs also says banks or brokers should be liable in mortgage arrears cases when lending has been reckless.

The Government has been urged to act “immediately” to extend the moratorium on home repossession for banks who were bailed out with taxpayers’ money from 12 to 24 months.