Safeguards introduced to protect mortage holders are having the opposite effect, according to local debt management consultants at Dove House.
They have also called for the introduction of a Mortage Rescue Scheme.
Rosaire McLaughlin, Money and debt advisor, Dove House, compared modern day evictions to those of the 1900’s.
She commented; “Mortage owners in the North are third class citizens, as they don’t have the same level of protection as the rest of the UK or Ireland.”
Ms McLaughlin said: “I attended an eviction this week where the landlords forcibly evicted the homeowner with everyone watching, including an estate agent.”
Mrs. McLaughlin argued: “Protocols introduced by the Lord Chief Justice Office in 2009 were intended to open up contact between lender and borrower; They have instead given more power to the lender and accelerated the repossession process.
“In my experience, pre 2010, it took one year to get a house to the repossession stage. It now takes approximately six months. Lenders have been granted more power over borrowers.”
Mrs. McLaughlin said the way forward was the introduction of a mortgage rescue scheme for sub prime borrowers similar to that available in England, Scotland, Wales and the Republic of Ireland.
“Local mortage holders should have the same rights.” she said. “A pilot had the desired effect of helping people avoid homelessness so lets make it a permanent scheme.”
To contact Ms McLaughlin call 71 267119 - “I am particularly eager to speak to those who have a policy with Platform Mortages,” she added.