Number Of People Falling Behind On Mortgage Drops

NUMBER OF PEOPLE FALLING BEHIND ON MORTGAGE DROPS

There has been another drop in the number of people falling behind on their mortgages.

According to the Central Bank, the number of homeloans more than 90 days in arrears fell 3 percent between March and June – the fourth quarterly fall in a row.

However this morning’s figures also show a five per cent jump in repossession proceedings undertaken by banks around the country.

And the number of mortgages in long term arrears is growing – something our Business Editor Ian Guider says is causing real concern.

“We know the banks are putting in restructuring arrangements – however for people who are really struggling there’s no point in putting them on interest-only payments, they probably can’t afford to make any payments” he said.,

“It’s a long-term solution to deal with people’s whose incomes have had a catastrophic shock – that is where the banks are falling down”.

“As you see the figures – long-term arrears up by 5 percent, and it is really beginning to worry the Central Bank now; what do you do to get these people out of their desperate situations” he added.

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