Dáil Éireann Debate, Thursday - 15 January 2015
61. Deputy Michael Creed asked the Minister for Finance if individual mortgage holders with IBRC or Irish Nationwide Building Society will be entitled to pay in full the balance of their mortgages either to the IBRC or the purchasers of the mortgage loan book; and if he will make a statement on the matter. [1908/15]
Amharc ar fhreagraThe Special Liquidators confirm that all debts owing to Irish Bank Resolution Corporation Limited (in Special Liquidation) whilst under their remit, remain due and payable in accordance with their terms.
I am advised that remaining mortgage holders with IBRC are permitted to buy-out their mortgage at par value and that there are no legislative barriers for such borrowers to do so.
In relation to loan assets purchased by third party purchasers, the Special Liquidators are unable to comment on the intentions and/or the subsequent actions of these third party purchasers once the loan assets have been sold.
However, whether the mortgage provider is IBRC or a third party purchaser, the mortgage holder is legally entitled to buy-out their mortgage at par, unless it specifically states otherwise in their mortgage contract. I would encourage borrowers to engage with either IBRC or their new mortgage provider on this matter should they wish to repay the full debt outstanding on their mortgage.
