Long Term Mortgage Arrears – Finding a Solution

We spoke with some people who were in arrears in the past. When we asked them what would have helped them ask for help sooner, almost half said “if the advice was free”. At your local MABS office, the Abhaile scheme provides free mortgage arrears support to those who need it. Abhaile can provide you with a dedicated adviser who will work with you and your lender to find the best solution for your situation.

The first and most important step in finding a solution to your mortgage arrears is by engaging with your lender.

Are you worried about taking the first step?

Are you concerned that you won’t be listened to? If you have a mortgage arrears query or are in need of support, Abhaile is ready to support you and to assist you.

If calling your lender directly is too daunting, then you can reach out and make contact with Abhaile. The people working in Abhaile strive to help homeowners find the best solutions to their home mortgage arrears and, where possible, to keep them in their own homes.

It is a fact that more and more homeowners across Ireland are finding solutions to their mortgage arrears every year.

The Central Bank of Ireland has revealed that;

• There has been a continuing yearly reduction in long-term arrears across all categories of long-term mortgage arrears accounts (accounts over one year in arrears);
• The overall number of long-term mortgage arrears accounts in the country reduced by 12 per cent over the course of 2021, and continued to drop even further during 2022;
• Their studies have confirmed that where there is cooperation between a borrower and a lender, borrowers can and are escaping long-term mortgage arrears.

The Central Bank of Ireland has stated that;

“For borrowers in or facing arrears the message remains to engage with your lender even if you are in deep arrears or have been in arrears for a prolonged period. You can also seek out the support and advice of organisations such as MABS/Abhaile where you want help or independent advice to support you.”

By engaging with your lender, you are showing that you are willing to find a solution to your mortgage arrears.

If you don’t engage with your lender, your lender cannot assess your financial situation and cannot help you get back on track with your mortgage. If you don’t engage with your lender, they don’t know what your situation is and in time, they may have no option left but to start proceedings to repossess your house.

Following a review of your financial situation, your lender may offer you an alternative repayment arrangement, which is a new and affordable agreement with your lender to address arrears.

Listen to our past clients

Some past clients have kindly provided reviews of their experiences with the Abhaile scheme …

“Our experience of dealing with MABS and the Abhaile scheme was exceptional. I feel this is hugely thanks to your continuous hard work and dedication to try to obtain a positive outcome for us. The immense work you did for us has made a huge difference to our lives, our mental health has definitely felt the benefit of the release of the tension that we experienced for years when trying to deal with banks and vulture funds. From the moment we stepped into your office, hope returned to us and after a number of months we were in a much better place. We can finally look to the future with a positive outlook. We will be forever grateful for your work and kindness.”

“I cannot thank you enough for the service you have provided for me and my family. I have to pinch myself to remind myself after all these years I am secure in my home for the next 25 years. Could not have done this without all of your help and kindness and patience. I have recommended ye to so many people and hope that they avail of the Abhaile service as I cannot speak highly enough of what you do”.

To date, Abhaile has offered support to over 20,000 households. The key message for those in arrears is that “it is never too late to seek advice”. No matter how bad the situation appears, a positive outcome is possible.

Are you in need of support with your arrears?

If you are in mortgage arrears and fear you are at risk of losing your home, you can contact your local office here, call the MABS Helpline on 0818 07 2000, Monday to Friday, from 9am to 8pm.

Follow @AbhaileInfo & Abhaile Mortgage Arrears on Twitter and Facebook and Instagram for further updates.

Disclaimer: This blog does not represent legal advice and is intended for guidance only. If you are concerned about your current or future personal financial situation, then please contact an adviser from MABS. Advisers are available by phone, email and in-person in locations nationwide.

Note: We welcome references to and use of the content in this blog. However, please reference MABS and link said content if you choose to do so.