The ‘standard financial statement’ or SFS is a document that you fill in when you are engaging with a lender on mortgage arrears. This was part of a formalized process that came about as a result of the updated Code of Conduct on Mortgage Arrears, specifically the Mortgage Arrears Resolution Process or MARP. People are quite often confused about how this works or how to fill them in. The standardization is good because it means that (unlike the past when they were all different) one form is the same as the next, this reduces confusion and replication. Lenders look closely at specific parts of the form, and common mistakes (as mentioned in the video) are things such as entering the last electricity bill on your outgoings which tries to establish monthly costs (when the bill is a bimonthly one). We hope you find this of use. Several sites worth checking out (we’ll list our own last!) are www.keepingyourhome.ie http www.mortgagebrokers.ie http www.advisors.ie

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