The Central Bank is aware that a regulated entity has written to a number of buy-to-let borrowers in arrears.
Image: Shutterstock/fizkes Image: Shutterstock/fizkes CONCERNS HAVE BEEN raised over letters being sent to a number of mortgage-holders demanding that they pay the full amount of their arrears within 30 days.
“A bank would not act this way which is why my No Consent, No Sale Bill is essential to protect borrowers. When government officials say there is no difference between a bank and a vulture they should be directed to how Cabot are acting here.” Doherty recently raised his concerns about the letters with the Deputy Governor of the Central Bank Ed Sibley when he appeared before the Oireachtas Finance Committee.
We have a sale by a main bank in this State to a vulture fund. It involves buy-to-let mortgages that were in arrears. The bank could do the same thing in the morning. It could have done exactly the same thing but it has not done so. However, I understand the vulture fund is doing it. Contractually, the fund has the right to instruct the borrower to settle the arrears within 30 days or it will appoint a receiver over the properties.
“This is nearly a strategic default. The idea is that the fund calls in all of the arrears within 30 days. That is next to impossible for someone who is trying to manage through an arrangement.
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