Monday 11 December 2017

Banks step up solution efforts for mortgages holders in arrears

Mortgages (Stock photo)
Mortgages (Stock photo)
Charlie Weston

Charlie Weston

Banks have stepped up their efforts to give repayment solutions to mortgage holders who are in arrears.

But they have still to put in place mortgage restructures for seven out of 10 of those who are behind on their repayments, figures out today from the Department of Finance show.

Numbers in arrears by last December had fallen, the figures also show.

There was a fall of almost 2,000 in the number of homeowners behind on their payments at the main banks to 62,266.

The figures are for the six main domestic banks – AIB/EBS, Bank of Ireland, Ulster Bank, Permanent TSB, ACC and KBC Bank.

These banks are subject to targets set by the Central Bank for reaching deals with their arrears customers.

Fewer than 2,000 permanent mortgage restructures were put in place in December, the Department of Finance said.

However, close to 44,000 mortgage holders who are in arrears for three months or more and have yet to have their mortgage restructured.

This means that 70pc of those in arrears for three months or more have yet to have put in place a plan to reschedule their repayments.

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