On
Today Sean O'Rourke he says it's for people who don't get government support.
We are an Irish company, with Irish people trying to fix an Irish problem.
We are more like a pension fund - long term assets and long term leases
We don't do bulk buying from a bank. We do it one on one with the borrower.
We will negotiate with the bank to acquire the mortgage.
O'Rourke: "You will offer the market value of the home to the bank?"
Yes.
We offer solutions to people in long-term arrears who have no hope of clearing them.
O'Rourke: If the banks give the borrower the discount you are getting, they borrower could do it themselves?
Yes but they don't do it because of moral hazard.
The banks are under massive pressure to deal with these loans. There is no solution for these people
O'Rourke: Including Insolvency, Mortgage to Rent?
They won't qualify for MTR, because their income is too low
There are 28,000 over two years in arrears - I would say that less than 4,000 would qualify for MTR.
3,500 have applied for MTR - 300 have got it.
O'Rourke: How much rent will you charge people
The market rent wherever they are in the country.
O'Rourke: How will they buy back their home?
The tenant can buy back the house and get 40% of any uplift in the value. That will provide them with the deposit.
If you are 65, you won't be able to get a mortgage. But we will allow a family take it over. We really want the family to stay in the family home.
O'Rourke: How open are the financial institutions in dealing with you?
We have had a couple of conversations with financial institutions and they have been very positive.