The number of possession applications for property in Ireland has trebled in the last two years, it has been revealed.

Around 846 applications have been filed this year alone, according to the Irish Independent.

Fine Gael housing spokesman Terence Flanagan has accused the Government of failing to protect homeowners in difficulty, and called for Fine Gael’s Homeowner Support Scheme to be implemented.

"This is the shocking reality of the ‘so called’ boom, where there was little regulation, 100% mortgages were the norm and ‘sub-prime’ lenders operated without regulation," he said.

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"This is only the tip of the iceberg and, in the current economic climate, things will only get worse."

Mr Flanagan said "lessons must now be learnt".

He called for the operations of banks to be closely monitored and 100% mortgages must be outlawed.

"Alongside this, the Government now must adopt Fine Gael’s Homeowner Support Scheme as a means of protecting the thousands of Irish families facing repossession of the family home," said the TD.

"Our Homeowner Support Scheme is geared towards protecting the 25,000 families that the organisation 'Respond' warns may face repossession of the family home.

"This measure would allow NAMA to take an equity share in a property after negotiating a write-down in the outstanding debt with the relevant financial institution."

Under this scheme, the property owner would then service their remaining share of the debt and pay a rental fee to NAMA for the equity share taken by NAMA.

The homeowner will have an option to buy back the NAMA equity share and if the property is sold NAMA will receive its share of the sale.

(PR/BMcC)