Daft Property - Irish Property News

Repossessions at all-time high but crisis to deepen... REPOSSESSION orders granted by the courts have risen almost six-fold since the peak of the property boom. Figures released by the Courts Service show that the number of orders granted by the High Court and Circuit Courts for the repossession of lands and premises were at their highest last year, a figure that is set to rise as lenders increase their interest rates. Some 70,000 homeowners are struggling to pay their mortgages, according to Central Bank figures, including up of 40,000 people who have not made a payment for three months or more, and 30,000 who are making interest-only payments. The 70,000 figure includes around 12,000 homeowners who have not made any payments for a year or more. The vast majority of repossession orders granted in the courts are for residential properties, with some 263 of the 306 properties seized by the banks in the Circuit Court last year granted on foot of defaults on home loans. Althou...

1,000 a month seek help to pay mortgage... MORE than 1,000 people a month are turning to the Government for help to pay their mortgages. But as many as half of them are being turned down some months. The dramatic rise in the numbers who cannot afford to meet their monthly mortgage repayments has underlined the scale of the crisis affecting a growing number of desperate homeowners. The mortgage interest relief supplement is designed to cover the interest portion of the home loan. Those seeking aid have to show they negotiated to reschedule the mortgage payments with their lender. They also have to be means tested. And both husband and wife must be out of work. The increase in applications comes at a time when mortgage interest rates are at record lows. Expected rises in the next year are likely to push substantially more people to the financial brink. Figures obtained by the Irish Independent reveal that the Government expects to have to spend €60m this year helping homeowners to pay th...