Mortgage owners warned to get advice before accepting deals from vulture funds

The Department of Finance is warning homeowners whose mortgages have been taken over by US fund Tanager to get financial advice before accepting a deal from them.

Tanager is offering discounts of up to 40% if tracker mortgage holders can buy them out by getting the mortgage financed elsewhere.

Other vulture funds are expected to follow suit, according to the Irish Independent.

Finance Minister Michael Noonan says mortgage holders must do their sums first before committing to any deals.

"We have been encouraging them from the Department of Finance to do that, and I'm pleased that the discount is very big," he said. "It was announced this morning that it was 40%.

"But of course the balance then might attract a higher interest rate so people will be well advised to take advice and do the full sums before they decide whether to opt for it or not."

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