Coffey calls for Government response to mortgage arrears in Louth
Local councillor Emma Coffey has said that she was surprised to learn that 11% of mortgages in Co Louth were in arrears.
This recently came to light at the launch of the communications campaign for “Abhaile”
“I am alarmed that such a high level of people after the property crash are still in mortgage arrears,” said the Fianna Fáil representative
“This was even brought more into focus nationally when the first instalment of ‘Ireland’s Property Crisis’ aired on RTÉ One this week, it showed the desperate situation people are finding themselves in.
“I am even more concerned of the amount of mortgages owned by so called” vulture funds”. Throughout the country there are in excess of 12,000 family home mortgages with a total of €2.4 billion owned by these funds and some of these are in County Louth.”
The Louth County Councillor for Dundalk South says she was heartened to see that Fianna Fáil have published detailed proposals that would protect borrowers from these vulture funds and deal with the unfairness of how the banks are dealing with people on variable mortgage rates. For instance amongst those proposals are that people on variable mortgage rates will be able to switch their loans to another bank.
The Dundalk native also stated the she has concerns as to whether the mortgage to rent scheme will work with only 217 completed applications since the scheme was established and of that figure 18 applications in County Louth.
“I am remaining optimistic that the amendments to the scheme which have come into being last month including an increase in price thresholds in County Louth will allow more families to avail of the mortgage to rent scheme.”
Cllr Coffey added: “What we now need is a time of mortgage fairness and more options to be given by the banks to people who are in mortgage arrears.”