At this stage, exactly what is a sustainable mortgage?
Comment Brendan Burgess: The time is now for action to help both those with mortgages and those supplying them.
The very first recommendation in the Oireachtas Finance Committee’s recent report on mortgage arrears called on the Central Bank to issue a definition of a sustainable mortgage from the borrower’s point of view.
The Central Bank does have a definition of a “sustainable solution”, but this is a prudential definition from the lender’s point of view. Up until recently, this definition said that for a mortgage to be sustainable, it must...
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