ULSTER BANK PREPARED TO WRITE OFF SOME HOME LOAN DEBTS
Ulster Bank could write off money owed by some mortgage holders, under certain conditions.
It says 2,000 customers still are not engaging with them on their home loan debt.
Now if a person qualifies for social housing the bank could allow them sell their home, set the sale proceeds against their mortgage and the bank will not pursue any leftover debt.
Our business editor Vincent Wall says it is a new development in the Irish market.
“This is the first time that a bank has expressly stated to one cohort of its customers that if you come and engage with us, and you qualify in certain conditions – in this case, if you qualify for social housing – that we won’t chase the residual debt on your property once you’ve sold your property” he said.
“Other banks like AIB have acknowledged that they ahve written off some debt as part of mortgage resolution processes, Bank of Ireland is firmly set against it” he added.