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Homeowners in arrears up again

THE Number of householders who report mortgage arrears for more than 90 days has risen by more than 12pc since the end of March.

The shocking figures reveal that three-quarters of those currently in arrears have not paid their mortgages for six months or longer.

Now one in 20 residential mortgages are in arrears and the Central Bank has said that there are currently a total of 789,914 residential mortgages outstanding.

Almost 5pc of these are now in arrears for 90 days or more, which represents an increase of 12.7pc on the first quarter of 2010.

Frank Conway, of Irish Mortgage Corporation, said that the figures show that there are thousands of families who are struggling with their financial situation.

"As we have seen over the last 12 months, banks are doing all they can in order to survive and increasing interest rates in the middle of a deep recession has not only been counter-intuitive, it is proving to be counter-productive," he said.