Code of conduct to benefit struggling borrowers

HOUSEHOLDERS in arrears with their mortgages can expect a good talking-to from their lenders, if a new code of conduct for banks and building societies is approved.

However, instead of piling on the pressure, the “it’s good to talk” ethos behind the code is designed to make it easier for broke borrowers to face up to their mounting debts.

The mandatory code, drawn up by the Central Bank and Financial Regulator, has been published in draft form for a consultation period, with all interested parties invited to submit their views by September 3.