Business

Monday 18 December 2017

PTSB chief: more customers are offered split mortgages

Jeremy Masding, CEO of the Permanent TSB
Jeremy Masding, CEO of the Permanent TSB
Donal O'Donovan

Donal O'Donovan

The chief executive of Permanent TSB says his bank has seen a surge in customers being offered split mortgage deals and of agreeing voluntary deals to sell homes to clear their debts over the past two months.

More than 3500 split mortgage deals and 2000 voluntary sale deals have now been made to customers by the bank.

That is up 1500 split mortgage deals at the end of June, while the number voluntary sale processes has doubled.

The bank's Jeremy Masding is fourth bank chief to come before members of the joint Oireachtas Finance Committee this week to explain how his banks is meeting Central Bank targets for addressing long term mortgage arrears.

Committee chairman Ciaran Lynch welcomed clear information supplied by the bank, contrasting that with other lenders.

Mr Masding said Permanent TSB has met the target to offer restructuring deals to at least 20pc of customers by the end of June.

By the June deadline 2750 long term restructuring deals including split mortgages and interest only arrangements had been offered to customers and 800 voluntary sale deals were in train.

In addition legal proceedings had been initiated against 1600 customers, 1500 more had been offered a short term loan deal.

 

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