One hundred and thirty local authority mortgages are in arrears in Galway city, but a new €20 million fund could provide a way of allowing stretched families to stay in their homes.
According to Labour Galway City Central councillor Billy Cameron, of 130 local authority mortgages in arrears, 65 loans are more than 90 days in arrears; 12 loans are between 91 and 180 days in arrears; and 53 loans are more than 180 days in arrears.
“There has been a huge concentration on mortgage arrears from banks but there hasn’t been the same concentration on local authority loans in arrears,” he said.
In light of this, Cllr Cameron has welcomed the provision of the €20 million fund by Housing Minister Jan O’Sullivan. The fund will be used to offer mortgage-to-rent solutions to local authority mortgage holders across the city, and is expected to allow families in unsustainable mortgage situations to stay in their homes.
Cllr Cameron is urging “anyone under pressure with repayments” to contact the Galway City Council’s Arrears Support Unit “as early as possible”.