The struggle to pay mortgages
Published 13/11/2010 | 05:00
IT is not too difficult to understand how 40,000 homeowners could find themselves unable to meet their mortgage payments. With around 450,000 on the live register, a significant number of those will have taken on big loans to buy a house or apartment confident that they would continue to earn a good wage indefinitely, only to see their income decimated.
Another 30,000 people who are not in arrears have come to some arrangement with their banks to lighten the burden. So 70,000 homeowners are in some difficulty with their mortgages. It is a significant number, but not nearly as scary as some of the figures lately bandied about.
And it is reassuring to learn that, rather than giving in to despair, tens of thousands have sought some sort of restructuring and have been accommodated by their lenders.