Thousands Of Shared Ownership Mortgages Now In Arrears - Ellis

Thousands of shared ownership mortgages have fallen into arrears, according to Sinn Féin Housing Spokesperson Dessie Ellis.

Mr Ellis is urging the government to tackle the issue and said that previous measures did not have a strong enough effect.

Deputy Ellis said: "16500 Shared ownership arrangements were entered into across the state.

"The tenant or mortgage holder generally intended to buy out the other half within a few years, but with the boom this became impossible.


"The collapse which followed the boom saw many shared ownership mortgage holders lose their jobs or see a serious reduction in their income.

"A lot of Shared Ownership mortgages have now gone into arrears. Many families were afraid they would lose their home; some thankfully have managed to make use of the all to narrow Mortgage to Rent Scheme."

"With thousands of Shared Ownership schemes in trouble and one year on from the announcement of the 20 million fund, it would seem not enough have been able or encouraged to take up this process.

"Local Authorities should be funded to take full control of these homes buying out the half owned by the resident and renting it to them as done under the Mortgage to Rent Scheme."

(CD/MH)