Sunday 22 September 2019

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Cork Independent

Home & Property

Are you due a hefty mortgage refund?

Wednesday, 15th May, 2019 4:34pm

The news could be very good for an estimated 3,500 mortgage holders in Cork who may be entitled to significant refunds.

Irish legal firm Fahy Law recently launched a nationwide initiative focused on assisting residential mortgage holders who may be due substantial interest rate rebates from their bank or building society once they meet certain specific qualifying criteria.

The initiative has brought together 21 independent firms around the country to process the large numbers of eligible candidates.

To qualify, mortgage holders must have obtained their mortgage between 1 January 2000 and 31 December 2003 and must not have changed their band or building society from their original provider.

They must also have a fixed or variable mortgage and their property must have been a new build at the time of purchase. It is estimated that the average rebate could be between €20,000 and €30,000. Speaking to the Cork Independent, Principal of Fahy Law, Solicitor Siobhan Fahy said: “Mortgage holders could be completely unaware. It's not fanciful, it's a mathematical fact. These amounts of money are due. We are lucky because we have had quite a lot of people signing up. We are inundated. It's been extremely successful.”

To apply for the initiative, mortgage holders must pay a once off fee of €399 which includes court stamps of €195. All solicitors in the Fahy Law network of legal firms will be available in each region for one to one consultations to eligible mortgage holders.

Anyone who believes they meet the eligibility criteria can visit fahylaw.ie to apply or for further details.

“If they wish to know if they're eligible there's a very simple tick box exercise on the website. It’s a very simple process,” said Ms Fahy. Fahy Law has indicated that it will hold a seminar in Cork within the next two weeks with a date yet to be confirmed. The firm also intends to issue proceedings in relation to other categories of mortgage loans in due course.

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