There could be some bad news ahead for some 6,500 mortgages holders in the coming months as one of the nation’s leading banks reveled that it is to sell of the loans.
According to RTE News, Ulster Bank who have already been at the centre of a tracker mortgage scandal in recent months, announced that it expects to off-load the bad debt within the next seven months.
It is expected that the bank will sell off the loans at an €119m loss in order to cut €1.6 billion from its books.
The move which is likely to affect homeowners who are in debt for three or more years with the bank. Although the bank say they will inform customers until a buyer is found, it is expected that the bank will look for a quick sale.
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