Mortgage arrears top the €1bn mark for the first time – central bank
MORTGAGES in arrears have hit over €1bn with the accounts of 99,346 holders being restructured, overdue or not being paid, according to new figures from the Central Bank.
The average size of the arrears is just over €17,000 while the average amount outstanding is €196,400.
The figures for the third quarter also show that 8.1pc of mortgages are in arrears for more than 90 days compared with 7pc at the end of June.
Total restructured mortgages were 69,735.
Of the restructured mortgages, where people been given longer to pay them or opted for interest only periods, 36,376 are sticking to the new arrangements, while 33,359 are in arrears to some degree.
A total of 162 homes have been taken into possession by lenders, 43 of these were repossessed on foot of court orders and 119 were the result of voluntary surrenders.
Just over 1,000 properties have been repossessed in the past two years.
There are currently 773,420 private mortgage accounts held here with a value of €114.4bn.