Brendan Burgess
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Charlie Weston has an article on this issue in today's Indo.
www.independent.ie
Large numbers of people whose mortgages have been sold to vulture funds now find themselves trapped on mortgage rates that are set to become very expensive.
This is because vulture funds and the credit-servicing firms that administer the mortgages bought do not offer fixed rates as they are not active in the lending market.
Most mortgage holders whose loans were sold by the banks are unable to switch away from the vultures to active lenders for a variety of reasons, says consumer advocate Brendan Burgess.
Many can’t switch because they are in arrears and have a bad credit record. Others can’t switch as they have recently changed jobs, or a husband or wife may have given up work outside the home which lowers the household income.
Switching applications may also be rejected as the balance left on the mortgage is too low, or the home has mica or fire-safety issues.
Homeowners whose mortgages were sold to vultures face rate rise
Thousands of homeowners whose mortgages have been sold to vulture funds have no options to fix their lending rates ahead of what is expected to be a spate of European interest-rate rises.
www.independent.ie
Large numbers of people whose mortgages have been sold to vulture funds now find themselves trapped on mortgage rates that are set to become very expensive.
This is because vulture funds and the credit-servicing firms that administer the mortgages bought do not offer fixed rates as they are not active in the lending market.
Most mortgage holders whose loans were sold by the banks are unable to switch away from the vultures to active lenders for a variety of reasons, says consumer advocate Brendan Burgess.
Many can’t switch because they are in arrears and have a bad credit record. Others can’t switch as they have recently changed jobs, or a husband or wife may have given up work outside the home which lowers the household income.
Switching applications may also be rejected as the balance left on the mortgage is too low, or the home has mica or fire-safety issues.