Dublin North East Senator Averil Power has called on all financial institutions that provided mortgages for properties in Priory Hall to freeze the monthly repayments on those mortgages until building work on the development is completed.
According to Senator Power, “I understand that one bank has already suspended the mortgage payments of their Priory Hall customers. I am calling for a similar gesture of goodwill from the other lenders.
“This is an extremely distressing time for the 249 residents of Priory Hall. They are young families, older people, men and women whose entire lives have been thrown into complete disarray through no fault of their own. The very last thing they should have to worry about at this time is their mortgages.
“Residents who have moved to temporary accommodation are now having to pay extra costs for storage, transport to school and work and other necessities. To think that they would be required to keep making monthly mortgage repayments on top of all of this is very unfair given that their homes are not even habitable at this time.
“There are also a number of ordinary people who bought properties in the development and have been renting them out. The loss of rental income while their apartments are uninhabitable will put many of them under considerable financial pressure.
“There is no reason in my view why all lenders should not show some compassion given the seriousness of this situation,” concluded Senator Power.