Tuesday 21 November 2017

What’s on the table for mortgage holders who are dealing with vulture funds?

Vulture fund Tanger has offered homeowners huge discounts to buy out their mortgages
Vulture fund Tanger has offered homeowners huge discounts to buy out their mortgages

Sean Duffy

5 things you need to know about vulture funds operating in Ireland and what might happen next:

  • Vulture fund Tanager is offering discounts of up to 40pc to mortgage holders on trackers if the homeowners can get them financed somewhere else.  The company holds around 2,000 mortgages which it bought from Bank of Scotland in 2012.
  • Tanger’s offer would see someone with a €300,000 mortgage get €120,000 written off.
  • It is expected that other vulture funds will follow suit and offer similar discounts to their customers. Up to 90,000 mortgages across Ireland are held by vulture funds.
  • It has emerged that vulture funds are more likely to offer mortgage deals than Ireland’s traditional banks because the funds want to exit their investment inside seven years.
  • Billionaire George Soros is offering support to people who are facing repossession orders in Ireland. Mr Soros’ Open Society foundation will provide €100,000 to support legal costs and finance seminars for affected Irish homeowners.

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