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Mortgages arrears down 5pc in 3 months

Tuesday, September 02 11:39:38

The number of homeowners in mortgage arrears of over 90 days has fallen again while, worryingly, arrears in the buy-to-let sector actually rose, latest Central Bank figures show.

The number of mortgages in arrears has fallen by almost 5pc over the past three months and there are now 126,000 mortgages in arrears, representing almost one in six outstanding home loans.

The Central Bank says legal proceedings were issued by lenders against over 3,000 homeowners during the second quarter of the year.

Of the 530 court cases involving mortgages secured on principal private dwellings, the courts granted orders for repossession of 296 properties.

A further 97 investment or buy-to-let properties were repossessed during the quarter.

As of the end of June, there were 144,187 residential mortgage accounts for buy-to-let properties held in the Republic with a value of E29.2 billion.

Some 39,669 (27.5pc) of these accounts were in arrears, compared to 39,361 (27.2pc) at the end of the previous quarter.

Of this, 31,749, or 22pc, were in arrears of more than 90 days, reflecting an increase of 2.3pc over the quarter.

There was also a quarter-on-quarter increase of 9.4pc in buy-to-let accounts in arrears over 720 days during the period.

For more visit www.businessworld.ie