Accounts in Mortgage Arrears Continue to Decline

27th March 2020

The Central Bank has today released its report on Residential Mortgage Arrears & Repossession Statistics: Q4 2019 . Since the end of December 2019, the number of accounts in mortgage arrears has fallen by 1,206 or 2%.

The number of accounts in arrears now stands at 60,596 out of a total 742,075 mortgage accounts. This equates to 1 in 12 accounts being in mortgage arrears. Of the total accounts in arrears, 27,085 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 49% 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 31% of restructures. The number of restructured Primary Dwelling Houses (PDH) is now 85,315.

Repossessions increased by 27% versus the previous quarter, increasing from 80 to 102. Of which, 37 were repossessed on foot of a court order, and 65 were voluntarily surrendered. Many of these voluntary surrenders could have been applications for the Mortgage to Rent scheme. At the end of December 2019, lenders were in possession of 1,021 properties.

Are you one of the 27,085 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.