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  • Number of homeowners giving up their home more than doubles, reveals PTSB
Uncategorized
Sep 5, 2013 - 15:43

Number of homeowners giving up their home more than doubles, reveals PTSB

The MyHome Newsdesk
By The MyHome Newsdesk
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Number of homeowners giving up their home more than doubles, reveals PTSB

The number of Permanent TSB customers in mortgage arrears who have given up their homes has more than doubled from 800 to 2,000 in the last six months.


The discovery was made as PTSB officials addressed the Oireachtas Finance Committee today, with the bank saying that had surpassed a Central Bank target to offer one fifth of distressed borrowers a sustainable solution to their problems.
Just over 25,000 of the bank's mortgage customers were in arrears of more than 90 days by the end of March.
As of that date, the bank said:
  • Around 6,650 of those - or 26% - had been offered some sort of solution to managing their debt;
  • 1,500 defaulters were offered a short-term solution, while 2,750 were offered a long-term solution, such as a split mortgage or interest only agreement;
  • Around 800 customers had entered into "closure" or "assisted voluntary sale" in which they were forced to work with the bank to try to sell the property;
  • Legal action was taken against 1,600. The bank defined legal action as the point after which a solicitor had been appointed to secure a court hearing for it to decide how to progress.

Those figures had increased by September, at which point 10,000 customers had been offered a short-term solution and 9,000 a long-term solution.
The number of customers offered a split mortgage rose from 1,000 at the end of March, to 3,500, while those offered an extension more than trebled from 400 to 1,300.

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  • Tags
  • arrears
  • interest only
  • mortgage arrears
  • Permanent TSB
  • repossession
  • TSB
The MyHome Newsdesk
By The MyHome Newsdesk
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