The Department of Social Protection has set up a Mortgage Forebearance Advice Scheme.
Lenders who offer certain mortgage forebearance arrangements to distressed private residence borrowers are required to advise the borrower to seek independent advice from a qualified practising accountant.
The accountant will be selected by the borrower from a panel of Practising certificate holders. Long & Company are authorised to provide advice under the Scheme.
The advice to be given by the accountant should primarily explain the technical terms and practical financial implications of the proposed arrangement. The accountant will not give legal advice on the arrangement or advise on matters connected with title to the property.
The advice should normally be delivered in one consultation meeting with the borrower.
The accountant will not advise the borrower to accept or reject the proposed arrangement.
The accountant receives a fee of €250 plus VAT for the advice and this fee is paid by the lender.
Contact Declan Long (declan@longaccounts.ie) for further information, or to arrange a consultation.