Ever since we published our last article, “Vulture Fund Alert: Are You Being Overcharged On Your Mortgage?”, we’ve seen an overwhelming response from homeowners trapped in financial distress. Many are reaching out to us, desperate for solutions as they struggle with soaring mortgage rates imposed by vulture funds.
These are not isolated cases, thousands of homeowners across Ireland are now paying interest rates of 8% or higher, with no ability to switch lenders. The financial burden is immense, and the emotional toll is just as severe.
How Homeowners Are Suffering
The stories we hear from clients paint a grim picture of how these funds operate.
For example two of our clients purchased their family home in Dublin in 2014, never imagining they’d face a financial crisis years later, not because of missed payments, but because their mortgage was sold off without their consent. Originally, they were paying a manageable 3.5% interest rate. But after their loan was transferred to a vulture fund, that rate skyrocketed to 9% overnight. With three children and rising living costs, they are now paying thousands more per year, money that should be going toward their family’s future.
Another client, a self-employed entrepreneur in Galway, ran into financial difficulty during the pandemic, leading to temporary mortgage arrears. He worked hard to stabilise his income, and today, his finances are solid. But when his mortgage was sold to a vulture fund, he found himself locked into an 8.5% interest rate, far above what traditional bank customers pay. Worse still, he’s been told he cannot switch lenders due to the nature of his loan, leaving him financially trapped.
These are just two examples of the many types of cases we are actively fighting. Homeowners should not be penalised with extortionate rates simply because their loans were sold to a non-bank lender.
What Are We Doing to Fight Back?
At Anthony Joyce & Co Solicitors, we are challenging these excessive rate hikes, arguing that they violate fair lending practices under Sections 47-49 of the Consumer Credit Act 1995.
We are building strong legal cases based on recent court rulings, which have set important precedents against unfair financial charges.
Our legal team is actively investigating whether these soaring interest rates imposed by vulture funds amount to penalty charges rather than legitimate lending adjustments, which could make them legally unenforceable.
While these cases take time, we are determined to hold vulture funds accountable and fight for homeowners’ rights.
Have You Been Affected?
If your mortgage has been taken over by a vulture fund and you’ve experienced unjustified interest rate increases, you may have legal grounds to challenge it.
Contact us today to discuss your case.
