Some hope at last on troubled mortgages
Published 13/11/2012 | 17:00
Few sections of Irish society have been hit harder by the financial crash than holders of troubled mortgages. Now an easing of their plight, if not a solution, is in sight.
At present, 169,000 domestic mortgage holders are not making full repayments. Of these, nearly 78,000 are three months or more in arrears. In addition, almost one-third of the 150,000 buy-to-let mortgages are in arrears or have had their repayments lowered.
Now Goodbody Stockbrokers forecast that domestic arrears will fall back in 2014 and 2015, and more rapidly in 2016. It will take longer for arrears in the buy-to-let sector to peak. These projections may not appear exciting to people who have already suffered much pain and anxiety, and any benign effect on family incomes will not be felt quickly. But they do give genuine hope.