Almost 60,000 Mortgage Holders Trapped with Vulture Funds

The Irish Times recently reported that almost 60,000 mortgage holders in Ireland are currently trapped with vulture funds and being hit with exorbitant rates. These funds, known for their aggressive buying of distressed loans, often charge high interest rates and engage in ruthless debt collection practices. This alarming trend calls into question the ethics of these unregulated financial entities and the impact they are having on the Irish economy and society as a whole. In this article, we will explore the effects of vulture funds on mortgage holders in Ireland and the implications for the future.


A recent analysis has revealed that there are significantly more mortgage holders trapped with vulture funds than previously estimated. Approximately 60,000 mortgage holders are now in this predicament, with around 38,000 borrowers currently stuck paying sky-high variable rates, identified as high risk by the Central Bank as rates rise. Many of these borrowers have been in arrears in the past, increasing the likelihood of this situation occurring again. Vulture funds have passed on most of the European Central Bank (ECB) rate rises to these mortgage holders, with some paying as high as 9.25% in variable rates. Mark Coan of MoneySherpa.ie has carried out his own analysis of Central Bank data, estimating that about 20,000 of these mortgage prisoners can’t switch because they were previously in arrears and fail to meet lenders’ criteria to qualify for a switch. The Central Bank has stated that around 40% of mortgages in the region are on fixed rates, while more than half are still on variable and tracker interest rates.


As the number of mortgage holders trapped with vulture funds continues to rise, it is clear that urgent action is needed to protect those who find themselves caught in this predicament. With almost 60,000 people affected, we cannot afford to wait any longer for a solution. While there are a number of steps that can be taken to address this issue, including legislative changes and increased regulation, the most important thing is to ensure that those who are affected receive the support they need. Whether it’s through financial assistance or legal advice, we must do everything we can to help those who are struggling with exorbitant rates and uncertain futures. Only then can we hope to provide a brighter future for those who have found themselves trapped in this unfortunate situation.