A new report by MABS, titled “Between a Rock and a Hard Place”, highlights the financial strain facing homeowners affected by defective concrete blocks who are also in mortgage arrears.
It outlines how ongoing structural damage and delays in remediation are combining to increase pressure and anxiety for families across the west and north west.
The report finds the two issues are closely linked and that current systems do not provide enough support, certainty or breathing space for those affected.
Karl Cronin, Regional Manager at MABS says the service regularly sees families struggling to keep their homes while living with the trauma of severe structural damage.
MABS is calling for a joined up response, including the creation of a single independent body to oversee both the remediation scheme and the mortgage arrears process.
This body would allow families time to resolve issues, make fair decisions in complex cases, including where repossession is being considered, and provide clear public information so people know what to expect and when.
The report also proposes 19 additional recommendations, calling for simple yet important fixes that would make a difference. These include:
- Enhancing borrower protections by updating Central Bank codes to treat Defective Concrete Block-affected borrowers as vulnerable customers, addressing lender power imbalances, overseeing non-bank lenders, and publishing mortgage arrears data.
- Removing barriers to the Grant Scheme by covering financial shortfalls, reducing delays and complexity, housing agency processes and the possibility for Mortgage-to-Rent as an option.
- Improve insolvency and resolution options with clear valuation rules for defective homes and pathways to non-statutory solutions.
- Strengthen MABS through adequate resourcing to support clients in these situations.
- Building a formal way for borrowers to be heard, so that their lived experience guides policy and practice.
MABS encourages anyone affected by defective blocks and arrears to seek advice early. Free, confidential support is available from local MABS offices nationwide and online at mabs.ie, or call the National Helpline on 0818 07 2000, Monday to Friday, 9am – 8pm.
