A DUBLIN MAN who bought a €1.26 million house as an investment in March 2006, now owes €340,000 in repayment arrears and has not paid a penny off 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 at 44 Rochestown Park, Dun Laoghaire, 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 his Rochestown Park property after hearing that the bank was now owed €1,698,223.

Barrister Micheal Mac Aoidh, counsel for the bank, told the court that Murphy, who again did not attend 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 over a period of 25 years.

Loan

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 €1.26 million 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 14 April 2010 despite Mr Murphy having had the property let out to a tenant. The bank was currently owed a total of €1,070,089.

“Your legal proofs are in order and I am making an order for possession against Mr Murphy only without any stay,” 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 10 Carrickmines Avenue, Dublin 18.

Judge Linnane said it was now for the bank to ascertain what type of tenancy the current tenant held on the Rochestown Park house.

Comments are closed as the matter is before the courts.

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