Sunday 28 December 2014

Drop in number of mortgages in arrears but many need restructuring

Published 14/08/2014 | 12:20

Couples who pay off their mortgages early are spending less on other services. Picture posed. Thinkstock

THERE has been a fall the number of homeowners who are behind on their mortgage payments.

But the main domestic banks have still to restructure some seven out of 10 mortgages that are three months or more in arrears, figures out this morning from the Department of Finance show.

There were close to 73,000 mortgage accounts in arrears for three months or more by May, the department said.

This was down by 5,500 since March.

The number of split mortgages continues to increase with 14,158 split mortgages in place at the end of June, an increase of 4,114 on the figure for the three months ending in March.

The number of residential mortgage accounts in arrears of greater than 90 days and not restructured has fallen from 62,210 accounts at the end of August last year to 52,053 accounts at the end of June this year.

That represents 71pc of residential mortgage accounts in arrears for three months or more.

The figures cover the six domestic banks that are subject to mortgage restructuring targets set by the Central Bank.

 

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