Government Failing Homeowners: Fine Gael

A High Court Order for possession awarded against a couple who had lost their jobs highlights the Irish Government's failure to protect homeowners in difficulty, Fine Gael Housing Spokesman, Terence Flanagan has claimed.

"The couple had attempted to renegotiate their terms with the lender, Stepstone Mortgage Funding but were ignored," said Mr Flanagan

"The monthly repayments were €2,422 and the couple wanted to pay €800 a month but were refused as the lender wanted €1,000 a month. The couple was afforded no help from the Government and now find themselves homeless.


"It makes no sense to repossess their house as the State will now have to pay rent allowance for this couple.

"Figures published recently by the CSO show that 77,500 households are in arrears on their mortgages and rent payments and it is high time now for the Fianna Fail Government to implement Fine Gael's Homeowner Support Scheme."

He continued: "Fine Gael has a plan to help those in dire need and protect the thousands of Irish families facing repossession of the family home.

"Our Homeowner Support Scheme would allow NAMA to take an equity share in a property after negotiating a write-down in the outstanding debt with the relevant financial institution. The property owner would then service his or her remaining share of the debt and pay a rental fee to NAMA for the equity share taken by the Agency. The homeowner will have an option to buy back the NAMA equity share and if the property is sold NAMA will receive its share of the sale."

(NS/BMcC)