Distressed mortgage holders are set to be offered free independent financial advice in a new service set to be announced by the Government today.
A panel of accountants will participate in the service, which is expected to begin later this month.
The accountants will be drawn from members of the main accountancy institutes in the country.
The lender will pay €250 for an accountant of the borrower’s choosing to provide advice.
The cost of the service is expected to run to about €10m.
Advice will generally be limited to the borrower’s principal private residence, and those experiencing difficulties with their mortgages have been asked to contact their lenders.