Couple face
losing their home in six months

A LOCAL couple with four children who fell behind in their mortgage repayments face losing their home after a lender was given an order of possession.

A LOCAL couple with four children who fell behind in their mortgage repayments face losing their home after a lender was given an order of possession.

The High Court gave the order of possession for the Dundalk home on Tuesday, March 22.

However, Ms Justice Dunne granted the order with a stay, or delay of execution, for six months.

The couple had borrowed e200,000 in July 2007 to buy their home under the tenant purchase scheme run by Louth County Council.

The High Court heard that the couple had four children between them, some now adults, and were both now unemployed.

The couple fell behind with their mortgage repayments to Start Mortgages Ltd in 2008.

Ms Justice Dunne said it appeared the couple had made “genuine efforts”, but they were going nowhere in dealing with the overall debt.

Under the tenant purchase scheme, Louth County Council facilitates tenants who wish to purchase their dwelling which is in rented stock.

To qualify tenants have to hold a residency with the authority for a minimum of one year.

The scheme allows for houses to be purchased at a discount of 3 per cent of the market value of the house for each year of the reckonable period of tenancy, subject to a maximum discount of 30 per cent plus a further allowance.

Houses provided for and occupied by elderly persons, flats, and some houses that do not meet the criteria due to structural conditions do not qualify for the tenant purchase scheme.