There are no agricultural lands included in the latest portfolio of mortgages worth €900 million to be sold by Ulster Bank.
An Ulster Bank spokesperson confirmed the news to AgriLand earlier today, Tuesday, July 2.
The spokesperson added: “As signalled in the third quarter of 2018, Ulster Bank can now confirm that it has prepared a portfolio of its non-performing mortgages for sale.”
40% of the PDH loans first entered arrears over seven years ago, and none of these PDH loans are in an arrangement, according to the bank.
Meanwhile, 85% of the BTL loans have been in arrears for more than 12 months during their lifetime, Ulster Bank claims.
“The PDH loans have been assigned to this portfolio following a concentration of effort with customers in difficulty to ensure that they were given every opportunity to agree a sustainable solution and to remain in a home that they can afford,” the bank representative said.
“For all of these customers, the continued extension of forbearance cannot unfortunately be maintained.
Not all mortgages, PDH or BTL, are sustainable and we are obliged to reduce the level of non-performing loans on our balance sheet.
“For mortgages that are not sustainable, additional forbearance will not bring them back to a performing position.”