Hike in number of homeowners behind on mortgage repayments
THERE has been another surge in the number of homeowners getting behind on their monthly mortgage repayments.
New figures out this morning from the Central Bank show that 142,000 residential mortgages are now in some form of arrears.
The latest figures are for the first three months of this year.
They also show that that 12pc of residential mortgage holders, or 95,500 homeowners, are three months or more behind on their repayments.
Just 144 split mortgages - promoted by regulators as a solution for distressed mortgage holders - have been put in place in the three months to March.
There were close to 30,000 buy-to-let mortgages in arrears for three months or more in the first three months of the year.
Banks expect a fall in the level of arrears after regulators changed the rules in a move that means debt-ravaged homeowners will no longer have one year’s protection from having their homes repossessed.
The move is set to lead to a surge in the numbers of homes being taken over by banks, experts said.
Central Bank rules are set to the 12-month ban on banks repossessing homes from homeowners in arrears dropping to two months.