FF plan for struggling homeowners could extend mortgages by 20 years

FIANNA Fáil has proposed that struggling mortgage holders be allowed to extend their mortgages by as much as 20 years.

It is one of a number of radical proposals put forward by the party to ease pressure on mortgage owners facing serious arrears. Fianna Fáil also wants the option of tearing up “reckless” contracts that banks agreed with borrowers.

Other plans include easing access for borrowers to mortgage interest aid, clamping down on debt management agencies and setting up a debt enforcement agency.