Mortgage Prisoner Report

moneysherpa.ie have analysed the Central Bank arrears data and other sources to identify that there are 60,000 'mortgage prisoners', these mortgage holders are trapped with 'vulture funds' as they can't switch to retail lenders due to their affordability. This leaves them vulnerable to interest rate increases as 'vulture funds' do not offer fixed rates.

Almost 40,000 of these are not in arrears, but can't switch due to the tightening of rules since the original loan was issued or to changed circumstances.

I'm sharing the link to the full 'mortgage prisoner' report as requested for those who want to dive into the detail. Mortgage Prisoner Report here: https://moneysherpa.ie/vulture-funds-ireland/

Please share the report if you can to help us raise awareness. I believe there are sensible workable policy solutions to help these customers as detailed in the report, some of which have already been deployed in other markets, if we can get the Government and Central Bank engaged on this issue I'd be hopeful progress could be made.


If anyone would like advice or to join the campaign please mail us at [email protected]
 
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Only heard the term "Mortgage Prisoner" for the first time yesterday.

The Irish Times had an article on it but I couldn't read it because it was behind a pay wall.
 
RichInSpirit said:
Only heard the term "Mortgage Prisoner" for the first time yesterday.

The Irish Times had an article on it but I couldn't read it because it was behind a pay wall.
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Hi @RichInSpirit the Irish Times article was based on the moneysherpa report, there has been surprisingly little media attention on this to date, although @Brendan Burgess took part in a good Prime Time doc on vulture funds earlier in the year. On the back of the moneysherpa report RTE radio have asked us if moneysherpa can get in touch with anyone who is prepared to speak (anonymously if needed) about their situation, to help highlight the 'mortgage prisoner' issue. If anyone wishes to discuss they can mail me on [email protected]
 
Hi Mark, I fall into this category, I have set out my situation in this post.

https://www.askaboutmoney.com/threads/advice-on-start-mortgage-rate-increases.230540/

I have recently completed an SFS with Start re the repayment amounts (currently circa €2100, up from €1,590 when I made the ARA) and am waiting to hear what options they will offer, if any. I have also made a complaint to the FSPO and my case has been assigned. Any advice very gratefully received. No arrears.
 
@Tomandgerry thanks for sharing your case details. We think there's an outside chance that one of the high street lenders may take you on. If you want you can email me [email protected] and we can set up a call to see if it really is a runner?
 
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