A lobby group acting for householders trying to engage with banks and insurance companies as part of the defective blocks crisis say they have made a significant step forward.
The Banking and Insurance Focus Group say they have managed to convene key stakeholders to come together and jointly tackle some of the challenges facing affected homeowners.
The group has been actively engaged in discussions with the banking and insurance sectors for the past two years.
The discussions has raised numerous pressing questions for affected homeowners, including:
Can homeowners sell their properties at mortgage-backed values?
Are mortgage top-ups available?
Can mortgage providers be switched for better rates?
Will homes be insurable?
What should homeowners disclose to their insurance providers or mortgage lenders?
What are the implications of the 40-year guarantee?
Can homes with 5%+ mica but no other deleterious materials be sold?
What does the 20-year clawback mean for rental properties?
How can buyers safely navigate the Donegal property market?
Can homeowners access attractive Loan-to-Value interest rates?
The group says these are critical issues that require clear answers and coordinated action.
A well-functioning property market depends on banks, insurance companies, engineers, solicitors, and auctioneers working together to develop practical solutions, they say.
A spokesperson for the Banking and Insurance Focus Group has now revealed “Following extensive efforts by our Group, we are pleased to announce that key stakeholders, including Banking & Payments Federation Ireland (BPFI), the Law Society of Ireland, Engineers Ireland, Insurance Ireland, and the Institute of Professional Auctioneers & Valuers (IPAV), have now come to the table.
“Having these crucial stakeholders fully engaged is an extremely positive development and represents a massive step forward in tackling the serious challenges posed by defective concrete.
“This level of cooperation is essential to restoring confidence in the property market and ensuring affected homeowners get the clarity and support they need.”
“Additionally, BPFI has invited the Department of Housing to participate in these discussions. With a newly appointed Minister for Housing, this presents a key opportunity for fresh, joined-up thinking.
“Their involvement would be a crucial step toward delivering real, workable solutions for homeowners and the wider property market.
