News & Events
The homeless and housing charity, Peter McVerry Trust said that the State needs to put in place a comprehensive and radical response to the housing and homeless emergency. The charity made its call as the Central Bank released its latest mortgage arrears and repossessions statistics which show that there are over 117,000 mortgages in arrears across Ireland.
Pat Doyle, CEO of Peter McVerry Trust said “These figures released today are a stark reminder of the scale of the mortgage arrears issue. This issue has not been dealt with in a satisfactory manner to date. We know that court proceedings have increased significantly since October 2014 and the indicators suggest that repossessions will continue to increase significantly in 2016 and 2017.”
“Given the huge number of people in homelessness, we cannot allow people in mortgage arrears to become the next wave to end up relying on emergency homeless services. The year end figures show that 1,734 properties, principal homes and investment properties, were repossessed or surrendered. People that are forced by financial institutions to leave these properties are trying to find accommodation in the midst of an acute housing shortage, and we know that some people are already entering homelessness.”
Mr Doyle called for the mortgage-to-rent scheme should be scaled up “The mortgage to rent scheme needs to be expanded and become the standard resolution mechanism for households that are unable to repay mortgages on their homes. “
“It is now extremely urgent that a wide ranging and radical response to the housing and homeless crisis is forthcoming. That response needs to factor in the 117,000 mortgages in arrears across Ireland at the end of December, it needs to factor in the fact that 1 in 5 buy to let mortgages in arrears.”
“We have requested meetings with all the political parties and will be putting forward a series of measures that we believe will help alleviate the crisis and help boost supply of social and affordable housing, the housing types that are most urgently required but which are in the shortest supply.”