Almost 20 per cent of bundles of mortgages sold by Start Mortgages are effectively in default, according to international credit rating agency Moody’s.
The figures give an indication of the problems faced by struggling Irish borrowers who took out subprime mortgages at high interest rates during the boom years.
Start Mortgages lent to borrowers who had an irregular income stream or a bad credit history and therefore could not get a mortgage from the...
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