FLAC has produced a new factsheet explaining the new Code of Conduct on Mortgage Arrears which came into effect on January 1 2011. The Code is a revised and updated version of the code first created in February 2009 by the Financial Regulator. It sets out a standardised way of how lenders and financial institutions should address the problem of mortgage arrears as experienced by thousands of homeowners across the county.
FLAC's factsheet explains the purpose of the Code; which lenders it applies to; what the obligations of both lenders and borrowers are; as well as the borrower's right of appeal.
Please click here to view the factsheet.