There was more bad news for homeowners as Ulster Bank have confirmed that they have sold off 3,175 mortgages and buy to let loans worth €800m.
In an announcement made today the bank confirmed that they sold off the portfolio to US vulture fund CarVal Investors.
It is understood that 89% of the loans are mortgages and the remaining 11% are buy to let loans.
Ulster Bank say the non-performimg mortgages have been in arrears for over seven years, whilst the buy to let loans were in arrears for over 12 months.
They added that all non-performimg loans will now be owned by Pepper Finance Corporation and the decision to sell the loans was regrettable but necessary in order to balance their non-performimg deficit.