AIB deal offers lifeline to home owners

A fast-track and free mortgage arrears process that aims to deliver favourable solutions for up to 10,000 distressed mortgage holders could help hundreds in arrears avoid repossession.

The groundbreaking initiative which links AIB with the Irish Mortgage Holders Organisation (IMHO) has been described as a lifeline for distressed mortgage holders.

The IMHO has urged all other major banks to replicate the initiative. It aims to help between 8,000 and 10,000 distressed AIB borrowers work out long-term sustainable solutions without having to engage directly with AIB, which includes EBS and Haven.