Thursday 18 January 2018

Every lender must tread carefully in repossessions

ALL reasonable people accept that ultimately re-possession of mortgaged property has to play some role in untangling the damaging mess that is our current state of mortgage arrears. It would be patently unfair to give a free pass to people doing less than their best within their means to meet their mortgage commitments. It would be an affront to the vast majority of people who have done their best to meet their problems honestly and fairly.

Two of the country's most senior financial officials, the secretary general of the Finance Department and the Central Bank's deputy governor, this week had the courage to tell us the truth.

The plain reality is that the current rate of repossession, at 0.25pc of mortgages, is artificially low when compared with a 3pc repossession rate in Britain and a rate of 5pc in the US.

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