Central Bank: Numbers a year or more behind on their mortgage repayments has risen
THE number of people who are now a year or more behind on their mortgage repayments has risen.
The increase is despite a fall-off in the numbers getting into arrears for the first time.
Some 61,000 residential mortgage accounts are now in arrears for a year or more, fresh figures from the Central Bank this morning show.
And there has been a rise in the numbers who are two years or more in arrears.
The bad news on long-term arrears masks an improvement in the numbers who are three months or more behind on their payments – the key indicator of arrears.
At the end of June there were 90,343 residential mortgage accounts in arrears for three months or more.
This represents almost 12pc of residential mortgages, but it was the third quarter in a row that this number has declined, the Central Bank said.
Just over 37,000 mortgage accounts are two years or more in arrears – this represents around three out of 10 of all the residential arrears cases.
Some 100,000 mortgage accounts had their repayments restructured at the end of June, with eight out of 10 of these meeting the new payment schedule, the regulator said.
Domestic banks are engaged in more mortgage restructures than foreign-owned banks.