Number of homeowners in mortgage arrears drops, new figures show
Published 10/04/2014 | 12:30
THERE has been a fall in the number of homeowners who are in arrears on mortgages issued by the six main banks.
New figures released by the Department of Finance show that there are now just over 78,200 mortgage accounts that are three months or more behind on their payments at the big banks.
The six main banks have put in place close to 14,693 permanent repayment plans for residential mortgage accounts that were in arrears in February.
This is up by just over 200 since January, the department said.
However, three out of four mortgages that are in arrears for three months or more have yet to be restructured.
Banks have been moving away from temporary restructures for those in mortgage trouble, like interest only, and offering to split mortgages and provide arrears capitalisation, where the arrears are added to the overall home-loan debt.
The figures outline the arrears and the number of permanent repayment deals put in place by AIB, Bank of Ireland, Permanent TSB, ACC, KBC Ireland and Ulster Bank.
The banks, which have been set targets by the Central Bank for dealing with delinquent mortgages, represent 90pc of the market.