Tuesday 12 November 2019

New figures show numbers of mortgage holders in arrears has decreased

Numbers of mortgage holders in arrears has fallen - banks yet to restructure loans
Numbers of mortgage holders in arrears has fallen - banks yet to restructure loans
Charlie Weston

Charlie Weston

THE number of mortgage holders in arrears has fallen, but banks have yet to restructure thousands of home loans where families are unable to meet the agreed payments.

New figures out this morning show that close to 60,000 residential mortgage accounts are more than three months behind on their repayments at the six main banks in January.

This is a fall of 1,400 compared with the previous month.

The data covers the likes of AIB, Bank of Ireland, Ulster Bank and Permanent TSB, but does not include lenders such as Start Mortgages and the mortgages issued by Irish Nationwide mortgages, where arrears tend to be higher.

Banks have yet to restructure seven out of 10 of the mortgages that are more than three months in arrears at the six main banks.

Some 42,500 mortgage accounts are more than three months in arrears, but yet to be restructured. This is almost 70pc of the mortgages at the main banks that are more than three months behind on repayments.

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