It's official - lenders are helping borrowers in arrears

The Financial Regulator has published the results of a [broken link removed]of the handling of arrears. It got very little media attention because of the awkward title of the press release

Examination finds Lenders Compliant with Provisions of the Code of Conduct on Mortgage Arrears Inspected

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However, it's a very important survey and it found

It was also evident that the mortgage lenders inspected were willing to work with consumers to assist them in addressing their mortgage arrears problems. Lenders were also found to be willing to enter into alternative mortgage repayment arrangements with consumers over various time periods.

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There is a general feeling that the banks are coming the heavy on mortgage holders in arrears. From my own experience and the stories on askaboutmoney, lenders are being very flexible. This report by the Financial Regulator confirms it.

Brendan