News & Events
Peter McVerry Trust has called on the Government to step in and act on the 2,900 distressed mortgages being sold off by Ulster Bank. The charity said the Government is now faced with a perfect opportunity to demonstrate its commitment to tackling the housing and homeless emergency.
The charity’s CEO Pat Doyle said “It is imperative that the Government, and in particular Minister’s Michael Noonan and Paschal Donohoe, now step in to put in place a funding mechanism to acquire these distressed mortgages. If the Government does not prevent these units being sold off to vulture funds then they will be failing to protect the people in these homes. Inaction will only allow new and increased cases of homelessness and see another escalation of private rental costs.”
“There are 900 mortgages of family homes being sold off and 2,000 rental mortgages. This is now a litmus test for the Government. If these Ulster Bank mortgages are sold off to vulture funds then we will see an increase in families trying to survive in hotel bedrooms and increased competition for rental properties that simply are not available to these low income households.”
“The Government has made it very clear that their number one priority is housing and homelessness. Peter McVerry Trust and others have made it equally clear that mortgage arrears is the single biggest issue that must now be addressed. These 2,900 units are the perfect opportunity for the Government to demonstrate its commitment to grasping the nettle on mortgage arrears.”
Mr Doyle said that approved housing bodies are ready and willing to step up and manage these properties and support the existing residents to maintain their homes. “The approved housing sector is very much willing and ready to use its expertise and capacity to support people in these units of accommodation. It would be deplorable to allow a situation to arise where any of these individuals involved in these distressed mortgages ended up in homelessness. A renewed sense of urgency is needed in the Departments of Finance and Public Expenditure in order to create a functioning, streamlined mechanism to acquire distressed mortgages in bulk to be managed by non profit housing associations.”
Francis Doherty – Head of Communications – 087 9421 051