€340,000 in payment arrears on Dublin house

A Dublin man, who bought a €1.26m house as an investment in March 2006, now owes €340,000 in repayment arrears. He has not paid a penny of the mortgage for the past six years, a judge heard today.

Judge Jacqueline Linnane said Richard Murphy, of 10 Carrickmines Avenue, Dublin 18, whose investment property is No 44, Rochestown Park, Dunlaoghaire, Co Dublin, said he had never attended a Circuit Civil Court hearing relating to his bank debt.

She granted Permanent TSB Plc, formerly Irish Life and Permanent, a possession order against Murphy, for the property.

Barrister Micheal Mac Aoidh, counsel for the bank, told the court that Murphy, who again was not in court, had borrowed €950,000 from the bank in March 2006.

Mr Mac Aoidh, who appeared with Belgard Solicitors for Permanent TSB, said Mr Murphy had agreed to monthly repayments of €2,493.75 over 25 years.

Victoria Hayes-Burke, assistant manager at Permanent TSB, told Judge Linnane, in an affidavit grounding the bank’s application for possession, that the purchase price of the Rochestown Park house was €1.26m in 2006, and the bank had granted Murphy a loan of €950,000.

Judge Linnane said the last payment to Mr Murphy’s investment property mortgage account had been made more than six years ago, on April 14, 2010, despite Mr Murphy having had the property let out to a tenant. The bank was currently owed €1,070,089.

“Your legal proofs are in order and I am making an order for possession against Mr Murphy only, without any stay,” said Judge Linnane Mr Mac Aoidh.

“He is not living there and has tenants in the property.”

The judge said the possession order was only against Mr Murphy and not against any tenant. She awarded the bank its legal costs against Murphy, whose address was given as No 10 Carrickmines Avenue, Dublin 18.