Saturday, 18th August 2018
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The announcement from PTSB and Ulster Bank that they intend to sell thousands of mortgages to vulture funds is a real cause for concern according to

Cllr Joe Kelly. Recent figures from PTSB included 4,000 buy-to-lets as part of the sell off. This could affect up to 10,000 people across the country according to

Threshold CEO John-Mark McCafferty.

Cllr Kelly said that its only right that a lot of the recent focus is on home owners who face eviction when vulture funds take over the loan books of banks but we must also recognise the threat to people who rent their home. These people face being put out on the road too when the houses and apartments they rent are sold to vulture funds.

Cllr Kelly continued ‘in many cases the vulture funds appoint receivers to often get tenants out of the houses so they can sell on the properties and get a fast return. In too many cases tenants are left dealing with the receivers who are appointed by vulture funds, with their existing contracts being rendered null and void. Sometimes the tenants cannot get their deposit back either, but the really big issue is facing homelessness. This is a terrible situation for people to find themselves in due to no fault of their own". The housing situation in Waterford is critical with Waterford City Council not in a position to build the thousands of houses that are needed.

Its fair to assume that there are a number of families in Waterford that will be affected by the PTSB and Ulster Bank sell off of mortgages. Unfortunately those affected do not have any real protection and something must be done. The Residential Tenancies Act 2004 needs to be to be amended to recognise the appointment of receivers and ensure the receivers collect rent in place of the landlord. This would give the tenants some badly needed protection and allow them to stay in their apartments and houses in the medium term at least.

Concluding Cllr Kelly said "action was promised in 2016 on this legislation by the government but nothing has happened. I’m calling on the Minister for Housing Eoghan Murphy to act on this promise immediately and to introduce protections for renters who as it stands, are at the mercy of vulture funds and the receivers appointed by them.

"In many cases the vulture funds appoint receivers to often get tenants out of the houses so they can sell on the properties and get a fast return."

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