Siobhan Fahy of Fahy Law
Fahy Law has brought together a network of independent Irish legal firms who have launched a new initiative to collectively assist many residential mortgage holders in Ireland, who may be entitled to significant and substantial interest rate rebates from banks, building societies and vulture funds.
There is a large group of residential mortgage holders in Ireland, who Fahy Law believes are entitled to significant refunds from their bank, building society or vulture fund, once they meet certain very specific qualifying criteria.
Based on the average mortgage amount at that time and some other variable factors, it is estimated that the average rebate could be between €20,000 and €30,000.
The principal of the firm, solicitor Siobhan Fahy, who has over three decades of experience in managing and resolving multi-party significant arbitrations and legal claims in the Republic of Ireland, said, “Our initiative is for mortgage holders who obtained a fixed or variable rate mortgage and does not include tracker rate mortgage holders who already obtained rebates of up to €25,000.”
In order to process this large number of claims quickly and efficiently, the network of law firms operating throughout Ireland and appointed by Fahy Law, are advising qualifying candidates in respect of the process involved.
Commenting on this initiative, Fahy stated: “We believe that many mortgage holders in Ireland could be due significant refunds, once they meet some specific criteria. There is a once-off fee of €395.00 including VAT, which covers a consultation with the nearest network solicitor and court fees. The network solicitor will carry out the due diligence and Fahy Law will then proceed to process the candidate’s claim.”
Claims will be processed in two phases, each with very specific qualifying criteria.
The first phase applies to mortgage holders in Ireland who:
• Obtained their mortgage between January 1, 2000 and December 31, 2003
• Obtained their mortgage and which was a new build at the time of the purchase as a family home
• Still have the same mortgage or a top-up of the same mortgage and did not switch their bank of building society from their original provider
• Had a fixed or variable mortgage
“The claim is not affected if the mortgage provider sold on the mortgage to another bank or vulture fund and it doesn’t matter if the mortgage holder is up to date or not with their mortgage payment or they have come to an arrangement with their financial institution,” Siobhan explained.
Fahy Law will coordinate and process these large volume of cases in conjunction with the network of legal firms throughout the country, who will assist and advise qualifying candidates in these cases.
Fahy continues, “For technical reasons, there is a very tight window for processing claims, which is why I set up this network to enable us to process a large volume of cases quickly and efficiently.”
All solicitors in the Fahy Law network of legal firms are now assisting eligible mortgage holders and helping them with the process.
Fahy Law has established a website fahylaw.ie where eligible candidates can apply for further details.