Tuesday 19 November 2019

Six big banks giving deals to more mortgage holders in arrears

Charlie Weston

Charlie Weston

MORE people who are in mortgage arrears have been given permanent deals by their banks to get them out of financial trouble.

The Department of Finance said the six main banks have put in place close to 14,500 permanent repayment plans for residential mortgage accounts that are in arrears in January.

This is up from 14,000 in December, the department said this morning.

Banks have been moving away from temporary restructures for those in mortgage trouble, like interest only, and offering to split mortgages and providing arrears capitalisation, where the arrears are added to the overall home-loan debt.

The figures outline the arrears and the number of permanent repayment deals put in place by AIB, Bank of Ireland, Permanent TSB, ACC, KBC Ireland and Ulster Bank.

Mortgage accounts at the six banks that are three months or more in arrears have fallen by 1,700 to 79,427, when compared with the end of September, the department said.

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