Man who borrowed almost €1m to buy property was repaying €3,720 a month on mortgage before falling into arrears, court hears
A Dublin man who borrowed just under €1million to buy a residential investment property was repaying €3,720 a month on his mortgage before falling into arrears, the Circuit Civil Court was told today.
Ciaran Hynes, of 5 Cherrygarth, Mount Merrion, Dublin, had borrowed €893,000 from Ulster Bank Ireland Ltd to buy10 The Courtyard, Milltown Avenue, Mount St Argus, Milltown, Dublin 6, Judge Jacqueline Linnane heard.
Barrister Paul J. Brady, counsel for the bank, told the court that Hynes first defaulted in March 2010 and arrears now stood at €263,445.
Mr Brady said the last payment made towards the loan was in June 2010 and Mr Hynes had not had any contact or engagement with Ulster Bank since then. He had not entered an appearance in the bank’s application to re-possess the Milltown Avenue property.
“The monthly repayments on the mortgage were quite high and arrears accrued quickly,” Mr Brady told the court. He said there was now a total of €1,106,802 outstanding on the loan.
Mr Brady said that a number of occupants at 10 The Courtyard, Milltown, had been served with notice of the banks intention to seek possession of the house which had been a residential investment property bought by Mr Hynes.
Judge Linnane said the bank was entitled to an order for possession of the Milltown house against Mr Hynes and all persons in occupation of it. She said that since there were tenants in the property she would grant a stay of three months on the court order and it was up to the bank to decide what they would do with regard to the tenants.
The judge granted the bank leave to serve the occupants by ordinary post of the making of the possession order.
She complimented Mr Brady on the manner in which he had presented the case. His presentation of papers had been carried out very well which was “the exception rather than the rule” in her court.