Oireachtas Joint and Select Committees

Wednesday, 9 April 2014

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB

1:05 pm

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

My first question is on the split mortgage product. We had Permanent TSB in here before this group. It told us, following my questioning, that interest is not accumulated on the warehouse portion of its split mortgage on domestic homes, family homes or principal dwelling homes or on buy-to-lets. Its statement was blatantly false and I have the documentation that proves that it charges in this circumstance. It shows that 4.1% of interest was charged on the warehouse portion that accumulates and is deferred until maturity is reached. Can the delegation present clarify that no interest is charged on buy-to-let split mortgages? Can anyone confirm that it is not deferred until maturity like Permanent TSB?

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