Start Mortgages tells Central Bank of major arrears miscalculations

Lone Star-backed lender admits error that affected hundreds of borrowers; one customer’s arrears overstated by 500 per cent

19th November, 2017
Debtor rights advocate David Hall

Start Mortgages, the Lone Star owned sub-prime lender, overstated hundreds of borrowers’ arrears by as much as 500 per cent, The Sunday Business Post has learned.

According to a letter it sent to one borrower, Start miscalculated the arrears owed as €33,415.36; in fact the borrower owed just €6,743.30.

The error was first revealed in a note to bondholders in Start’s parent company, Lansdowne Mortgage Securities, which was issued to the London Stock Exchange last...

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