26,000 unable to meet repayments on home loans
THIS year is set to be one of the roughest yet for the housing market, with a risk that thousands of homeowners could find they are unable to repay their mortgages.
At the end of September 26,000 homeowners were unable to make their repayments, official figures show. This represents some €5bn in home loans.
The current figures for those in arrears are thought to be much higher, but they are not available yet.
As a nation we are hugely vulnerable to changes in interest rates as eight out of 10 mortgages are either tracker or standard variable mortgages.