Thursday 25 May 2017

Banks yet to agree restructuring deal with 70pc of homeowners in mortgage arrears

Department of Finance, Merrion Street, Dublin.
Department of Finance, Merrion Street, Dublin.
Charlie Weston

Charlie Weston

BANKS have yet to restructure the majority of mortgages that are in arrears, new figures show.

Seven out of 10 homeowners that are three months or more in arrears have still to reach a deal with their banks to get back on track, Department of Finance figures show.

The number of mortgages that had been restructured fell by less than 1,000 in February, compared with the previous month.

There are still 41,500 mortgages that are more than three months in arrears that have yet to be restructured, the Department of Finance said this morning.

This is out of almost 60,000 mortgages that are more than three months behind on repayments. This means that 70pc of troubled home loans have still to have a repayment schedule in place.

Department of Finance officials pointed out that the overall number in arrears for more than 90 days is down 1,700 on the January figure.

The figures are for the six main domestic lenders – AIB/EBS, Bank of Ireland, Ulster Bank, Permanent TSB, KBC and ACC.

Online Editors

Promoted articles

Also in Business