Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

In my experience of helping constituents - I deal with many individual cases, trying to help people to get mortgages restructured - is that it is fairly straightforward to get interest-only arrangements, arrears capitalisation and term extensions. Perhaps 99% of the restructuring arrangements that have been made use those traditional methods. However, to achieve more innovative solutions, such as split mortgages or mortgage-to-rent arrangements, is more difficult. Only 12 split mortgage arrangements have been established and two mortgage-to-rent transactions actually completed. To achieve such restructuring, including shared equity and so forth, is virtually impossible - it is like pulling teeth from the banks. I deal with a lot of cases and my experience has been that while people will obtain straightforward restructuring, they will not get the less traditional solutions over the line. The Minister will have to do something to ensure there is action on establishing proper long-term restructuring solutions so that people can try to work their way out of their difficulties.

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