\"mortgage\"

Eight percent of private mortgages in Ireland in arrears

\"mortgage\"

Just over 8%, or 62,970, of private mortgages in Ireland are in arrears of more than 90 days, according to official figures from the Central Bank.

The number of mortgages in difficulty has increased since June when 55,763 were in arrears.

The amount of mortgage arrears now outstanding for 90 days or more has also passed €1 billion for the first time. The average size of the arrears is just over €17,000 and the average loan amount outstanding is €196,400.

Some 46,371 mortgages have been in arrears for more than 180 days. Their arrears amount to almost €994 million. Mortgage holders in arrears for more than 180 days are, on average, €21,000 behind in their repayments.

A total of 76 repossession orders were granted by the courts between July and September and 162 homes were taken possession of by lenders.

_________________

Read More:

Home is where the mortgage is

Bill Clinton's warning about Irish economic prospects -- says country needs to forgive mortgage debt much quicker

Kerry father promises to seek help as kids starve due to mortgage payments

_________________

The Central Bank figures also indicate there were 119 voluntary surrenders or abandonment of properties in the same period. Just over 1,000 properties have repossessed in the past two years.
There are currently 773,420 private mortgage accounts held in Ireland to a value of €114.4 billion.
New Beginning, a campaign group set up to help those struggling with mortgages, says it is clear that the mortgage crisis continues to worsen.

It said it reiterated its call for a coherent solution from the government to the arrears problem, "without which there will be no economic recovery in this country.”

Reacting to the Central Bank figures, the Irish Banking Federation noted that the level of repossessions still remains comparatively low -- 21 per 100,000 mortgages here compared to 82 per 100,000 in the U.K.

The federation said it continues to strongly encourage borrowers who are under pressure with their repayments to communicate with their lenders to find a solution.

COMMENTS

Log in with your social accounts:

Or, log in with your IrishCentral account:

Forgot your password ?

Don't have an account yet? Register now !

Join IrishCentral with your social accounts:


Already have an account ?

For Newsletter Subscribers – Draw for 1 Prize on December 31st.

Prize: Your Piece of Ireland – a Square of Land in the heart of the Glens of Antrim, Ireland

More details here (or you can buy a little piece of Ireland directly): http://bit.ly/1zew9ox

Terms & Conditions

Or, sign up for an IrishCentral account below:

By clicking above you are indicating that you have read & agree to our Terms and Privacy Policy.


Make sure we gathered the correct information from you

By clicking above you are indicating that you have read & agree to our Terms and Privacy Policy.


You already have an account on IrishCentral! Please confirm you're the owner.


Our new policy requires our users to save a first and last name. Please update your account: