European Commission says mortgage deals may not work

Secret report says a downturn would derail repayments from tens of thousands

8th July, 2018
Labour finance spokeswoman Joan Burton said the banks had failed to give distressed borrowers a reasonable deal to avoid getting into difficulties again

The European Commission has warned that revised mortgage deals for up to 117,000 families may not be sustainable.

It is concerned that families who have started to pay back their mortgages could find themselves unable to meet the full repayments if economic conditions worsen.

The Sunday Business Post has seen a copy of the European Commission’s latest country surveillance report on Ireland, which has not yet been published.

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