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News Detail | Michelle Burke

Property News

Mortgage arrears drop again in first quarter

Jun 13, 2016

Accounts in arrears now represent 11% of total mortgages and 17% of buy-to-let borrowings.



The number of residential mortgages in arrears fell for the eleventh consecutive quarter in the first quarter of the year, down to 85,989, new figures from the Central Bank show. However, arrears of more than 720 days now constitute 42 per cent of all accounts in arrears - up from 40.4 per cent previously.



As of end-March 2016, some 85,989 mortgages on primary residences were in arrears, a reduction of 2.6 per cent on the fourth quarter of 2015. Mortgages in arrears now represent 11 per cent of total mortgages. The figures show that the decline was across all categories of arrears, including the over 720 days’ category, which fell for the third consecutive quarter. However, accounts in arrears over 720 days now constitute 42 per cent of all accounts in arrears - up from 40.4 per cent in the previous quarter - and 86 per cent of arrears outstanding.



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