Fianna Fáil has pledged to help homeowners in mortgage distress, if voted into the next Government.

Spokesperson on Environment and Local Government Barry Cowen said his party is "committed" to helping families at risk of losing their homes through repossession.

He said: "The Mortgage-to-Rent scheme was implemented with the view to keeping people in their homes. However it has not had the desired effect as only 2.9% of the 98,137 mortgage holders in arrears have actually applied to use the scheme. Furthermore just 3% of applicants are ultimately successful in getting assistance under the scheme. This needs to change.

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"Fianna Fáil will set up a new system of state and creditor funded insolvency practitioners to help people at risk of repossession. We would also apply a zero interest rate to the warehoused portion of all split mortgages offered to customers in arrears, and prevent banks getting a repossession order when they have failed comply with the Conduct on Mortgage Arrears."

(CD)