Struggling mortgage holders could see themselves debt free in three months, but they would have to surrender their home.
The deal - which has been announced by the Irish Mortgage Holders Organisation in agreement with AIB and KBC - will see those who accept the terms processed through a faster Personal Insolvency Arrangement which will also include any unsecured debt - such as credit cards and car loans.
The term of the arrangement will be no longer than three months which is shorter than the current 5 or 6 years.
David Hall of the IMHO explains the significance of the deal:
