Accounts in Mortgage Arrears Decrease by 5%

28th January 2020

The Central Bank has today released its report on Residential Mortgage Arrears & Repossession Statistics: Q3 2019 . Since the end of September 2019, the number of accounts in mortgage arrears has fallen by 3,241 or 5%.

The number of accounts in arrears now stands at 61,802 out of a total 742,526 mortgage accounts. This equates to 1 in 12 accounts being in mortgage arrears. Of the total accounts in arrears, 28,645 or 45% were in long term arrears (over 720 days/+2years).

The report states Non-Banking-Entities (NBEs, also referred to as Credit Servicing Firms) own 12% of all mortgage accounts and 48% of accounts that are in arrears over 720 days.

Over 4,990 restructures were agreed in the quarter. The most common restructure arrangement in was Arrears Capitalisation , accounting for 33% of restructures. The number of restructured Primary Dwelling Houses (PDH) is now 88,587.

Repossessions decreased by 64% versus the previous quarter, reducing from 224 to 80. Of which, 37 were repossessed on foot of a court order, and 43 were voluntarily surrendered. Many of these voluntary surrenders could have been applications for the Mortgage to Rent scheme. At the end of September 2019, lenders were in possession of 1,246 properties.

Are you one of the 28,645 account holders in long term arrears and don’t know what to do? Has your mortgage been sold to a ‘fund’? Are you worried engaging will mean you’ll lose your home?

Don’t sit in silence with these questions on your mind. The Abhaile scheme is here to support and help you. The service is free and has already helped thousands of others just like you keep their home. Talk with an adviser today and begin your mortgage arrears resolution journey by calling 0761 07 2000.