Darragh O’Brien urges banks to help Mica homeowners avoid mortgage defaults

Housing Minister asks industry bodies for ‘fair and consistent approach’ after government warned demolition of damaged houses could trigger full mortgage repayment clause

Darragh O'Brien: The minister has asked insurers to confirm that once houses are remediated, they can be underwritten at ‘standard terms’

Darragh O’Brien has urged the banking and insurance industries to help mica homeowners avoid defaulting on their mortgages and to underwrite their houses at standard terms, the Business Post has learned.

The housing minister has written to Insurance Ireland and the Banking and Payments Federation (BPFI) as the government finalises plans for an enhanced redress scheme for thousands of homeowners in Donegal, Mayo, Clare and Limerick whose houses have been damaged by defective blockwork.

He ...