Mortgage arrears code expected

A NEW banking code giving struggling mortgage-holders more time in coping with arrears and holding onto their home is expected to be put to the public later this week.

The revised code of conduct on mortgage arrears will suggest debt-ridden home-owners be granted an “informal extension” beyond the one-year moratorium on banks repossessing their properties.

Borrowers, however, will have to adhere to strict agreements with lenders if they want more time to reorganise their debts beyond the already agreed one-year “freeze”.