Funding to the Mortgage Debt Advice Service (MDAS) has been increased by 50%.

The MDAS, provided by the Housing Rights Service, will see its funding rise to £340,000 in 2015/16, an increase of £115,000 from 2014/15.

The increase in funding will enable the Housing Rights Service to provide valuable support to more people who are in mortgage crisis and further help reduce the risk of people facing homelessness and repossession.

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Social Development Minister Mervyn Storey said the funding was vital for the MDAS for the forthcoming year.

He said: " This will enable more people to benefit from this excellent service and further help reduce the risk of homelessness for those facing difficulties with mortgage debt.

"An increase in funding to the Mortgage Debt Advice Service was a key recommendation coming from the Taskforce. Today, I am delivering on that recommendation.

"Seeking advice and support early, another key recommendation from the Taskforce, is the first step in addressing a mortgage crisis situation. The outcomes can be significantly improved, and while no doubt daunting, addressing that there is an issue has to be the first step in dealing with the problem."

(CD/MH)