Couple to lose seven-bed home after failing to make repayments in four years
A Co Clare couple living in a seven-bedroom home who haven't made any repayment in four years on their mortgage have been told they will lose their home in four months' time.
At the repossession court in Ennis, Clare County Registrar Patrick Wallace said he will grant Start Mortgages DAC its application for an order for re-possession at the adjourned court in four months' time.
Counsel for Start Mortgages told the court that the outstanding amount on the mortgage is €795,506 and that includes arrears of €193,833.
He told the court that the monthly mortgage repayment amounts to €4,289. He said that there are three people, including the couple, living in the seven-bedroom property.
"In those circumstances, it is highly unlikely that they will be able to benefit from the mortgage-to-rent scheme," he said.
He added that engagement by the couple with Start Mortgages "has been poor" and the last repayment on the mortgage was €2,500 paid out in July 2015.
He said that the couple had availed of a protective certificate as a result of personal insolvency proceedings the last time the case was in court in January and that protection has now expired.
A representative for the Money Advice and Budgeting Service (Mabs) told the court that a proposal by the couple's personal insolvency practitioner (PIP) had been rejected by the Revenue Commissioners.