In view of pushing borrowers to opt for fixed-rate mortgages, Bank of Ireland is maintaining variable rates high. In the same breath, it cannot guarantee to stop seeking the help of vulture funds regarding loans contracted by cash-stricken debtors. The statement was made by Chief Executive Officer Richie Boucher at an Oireachtas committee in November last.
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Tiptoeing about the failure of the repossession system in Ireland would serve nothing. Appearing before the Housing and Homelessness committee, the Irish Mortgage Holders Organisation labeled the system as “cumbersome and slow”. The non-profit organisation underlined that this is one of the reasons why the poor repossession system has not lead to more evictions.
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Former infantry soldier Garry McDermott lost his beloved home after the Royal Bank of Scotland seized it when he fell behind in his mortgage payments. This, further to his paperwork being sent to a wrong address. Two years later, the shaken war-wounded is still determined to have justice done.
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The outline is dramatic for Ireland. 2015 has been a year that brought upheavals to both financial institutions and families. The Allied Irish Banks (AIB) incurred massive financial losses amounting to € 73 million through the sale of 439 repossessed properties, seized from families and individuals who failed to pay back their mortgage loans. These conclusions were published in the annual report of the bank.
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Many people opt for mortgages to become the owner of a property. According to this legal agreement, the property itself is offered as security and if you fail to pay the mortgage, your property may be repossessed. As such, it is important to know the risks of this kind of agreement as well as solutions if ever you start having difficulties paying your mortgage.
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