Friday 24 May 2019

Mortgage holders here are offered the best protection in the world - consumer champion

 

Brendan Burgess
Brendan Burgess
Charlie Weston

Charlie Weston

Mortgage borrowers in this country are the best protected in the world and offering them more protections from vulture funds will force banks to leave the market, a consumer champion claimed.

Brendan Burgess, founder of consumer website Askaboutmoney.com, opposes legislation which would give homeowners a veto on their loans being sold to vulture funds.

"We need to reduce protections for mortgage defaulters, not increase them," he said.

Mr Burgess asked to address the Oireachtas Finance Committee which is discussing 'No Consent, No Sale' on the sale of loans to vultures. But he says his request to address the committee was turned down.

"Irish mortgage holders are the best protected. Irish mortgage holders pay the highest interest rates.

"This is not a coincidence - the first leads inexorably to the second."

The legislation is opposed by the European Central Bank, the Central Bank in this country, the Department of Finance and the banks.

He said vulture funds were just as likely to offer long-term solutions to troubled borrowers as lenders. This is especially true with mortgage-to-rent solutions, contradicting remarks to the committee by David Hall, of the Irish Mortgage Holders Organisation.

Irish Independent

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