Central Bank had estimated 54,000 borrowers could switch providers to lower rates via IrishTimesBiz
“Taking the [Central Bank] statement at face value you could be forgiven for thinking that it was simply a matter of these customers being more proactive in seeking a provider they could fix with,” Mr Coan said.
A mortgage restructure is a deal offered by lenders to reduce customers’ repayments often to help stop them going into arrears. Mr Coan said that “contrary to the impression that could be given by the Central Bank’s letter, 60,000 of the 80,000 with the vulture funds are actually ‘mortgage prisoners’ unable to fix or switch providers as rates rise”.
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