The End Of The Start Mortgages Issue?

Introduction

In a move that should be welcomed by mortgage lenders and other interested parties, such as purchasers of loans, structured credit or other assets backed by Irish real estate, the Minister for Justice, Equality and Defence, Alan Shatter T.D. published the Land and Conveyancing Law Reform Bill 2013 (the "Bill") on 28th March, 2013¹. The primary purpose of the Bill is to address the uncertainty arising from the interpretation by the High Court of the changes to the law brought about by the Land and Conveyancing Law Reform Act 2009 (the "2009 Act"). In addition, the Bill also proposes the adjournment of repossession proceedings in respect of a borrower's principal private residence where these could be resolved under the Personal Insolvency Act 2012.