Ulster Bank to sell 6,500 mortgages in arrears

Ulster Bank has confirmed that it is to sell 6,500 mortgages in arrears, almost half of which are owner-occupier loans.

On average the loans are more than three years in arrears.

The bank is beginning talks with potential purchasers and has appointed financial advisers to manage the sale of the loans - writes rte.ie

Ulster Bank is expecting to sell the loans within seven months.

Customers affected will not be told their loans are sold until the bank finds a buyer.

The face value of the loans is €1.6 billion. Ulster Bank has set aside €119m for the loss it will incur on the sale of the loans.

In a statement, the bank said: "This difficult decision comes a decade after the financial crisis began and the continued forbearance cannot be maintained.

"Not all mortgages are sustainable and we are obliged to reduce the level of non-performing loans.

"For mortgages that are not sustainable, additional forbearance will not bring them back to a performing position."

It is going to sell 3,600 owner occupier mortgages and 2,900 buy-to-let loans.

Almost three quarters of the owner occupier loans entered arrears between sevenand nineyears ago.

The average level of arrears is €52,000 and the face value of the owner occupier mortgages is €900m.

Among the buy-to-let loans the average level of arrears is €31,000 and the mortgages are valued at €700m.

Read more news of Dublin on our site.

rte.ie
BUSINESS IRELAND MORTGAGE ARREARS ULSTERBANK
If you notice an error, highlight the text you want and press Ctrl + Enter to report it to the editor
2 views in december
I recommend
No recommendations yet

Comments

Post your comment to communicate and discuss this article.

Society
A Dublin mother is extremely concerned for the welfare of her 15-year-old son after he never came home from the shop yesterday. Aleksejs Snitko went to the Tesco shop in Balbriggan yesterday, Saturday December 9 at around 4.30pm. His mother Iveta told Dublin Live that when her son left the home, he was wearing light grey basketball shoes, tight sport trousers and a warm navy jacket with a hoodie. He was also carrying a black and blue Puma school bag. The t...
Society
A man and woman were arrested following a stabbing incident that left Dublin city centre on lockdown on Sunday evening. The pair were taken to Pearse st station after another man in his early 20s was hospitalised with 'non-fatal injuries'. It is believed a fight spilled out onto the road with one witness telling Dublin Live that she thought the man was going to be "throw him into the river". She said: "They stopped the traffic while they were fighting that...
Society
The final report into the marine tragedy in which Doolin-based volunteer coastguard crew member Caitríona Lucas died in 2016 is critical of safety aspects of the operation. It concluded that the Delta Rigid Inflatable Boat that capsized was launched in conditions that were outside the operational limits of the vessel and that there were deficiencies with its communications and navigational equipment. Ms Lucas, a 41-year-old mother-of-two living in Liscanno...
Society
A software development company is to create 85 jobs in Galway over the next 12 months. MathWorks says the expansion will lead to the recruitment of candidates with sales, service, marketing or administrative skills. It hopes to hire 20 people immediately with the remaining 65 roles being filled in 2019. The company opened an office in Galway two years ago. It provides sales and services support throughout Europe, the Middle East and Asia, with staff operat...
Incidents
A woman was allegedly sexually assaulted by a taxi driver in North Dublin on Saturday night. The woman, believed to be in her 30s, had been picked up by a registered taxi from the Main Street in Malahide after socialising in the area and was heading in the Swords direction. It is believed after the taxi driver dropped off the other people in the car, the alleged victim was left alone with the driver for a stretch of road. The taxi driver then allegedly sex...
Society
A man was yesterday convicted of assaulting and injuring his neighbour by “continuously punching and head-butting him”. Peter Lambe, 50, was found guilty of assaulting 62-year-old Gerard Furlong after he pinned the grandad to the ground and left him bloodied and bruised. The victim, who said he is still in constant fear, suffered serious facial injuries during the frenzied attack on March 4, 2016, which came after ongoing disputes. Mr Furlong described how...
Society
The long-suffering father of Trevor Deely has told how he refuses to abandon his dream that his missing son will one day walk back through the front door of his family home. Heartbroken parents Michael and Ann Deely have endured yet another agonising year in which not one single lead has emerged into their youngest son’s baffling disappearance. But speaking on the eve of the 18th anniversary of the last sighting of the then-22-year-old, resolute Michael sa...
Society
The funny note left on the car, which will teach them. A motorist in Dublin was left with a hilarious note on their car after some "arseways parking". A Dublin Live reader sent us in a picture of the unique note perched on the window of the vehicle. The note says: "Many three year olds have trouble staying within the lines. "Maybe if you practice colouring this turtle, it will help with your parking." The reader said the driver was parked "arseways" outsid...
Society
A surge in Corporation Tax payments last month will go towards making Ireland's finances safer by the end of the year, the Minister for Finance has said. When asked whether the additional money could be spent on alleviating the housing crisis, Paschal Donohoe said he has made some of the funding available for the needs of today. However, he said that "the right thing to do" is to allow the "higher than expected tax collection to flow through into improving...