Banks to chase parents on mortgage guarantees

Banks are preparing to pursue the parents of defaulting mortgage borrowers, who have guaranteed their children’s homeloans.

8th May, 2010

Banks are preparing to pursue the parents of defaulting mortgage borrowers, who have guaranteed their children’s homeloans.

Senior banking sources told The Sunday Business Post that several banks were preparing to call on the guarantees in response to spiralling mortgage arrears and mounting loan losses. The banks have begun looking to parental guarantees following the collapse in house prices, which has left up to 300,000 borrowers around the country in negative equity.

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