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Dublin: 12 °C Tuesday 21 October, 2014

Almost 50,000 mortgages have now been restructured

The Department of Finance’s latest figures shows the number of accounts in arrears has fallen since October last year.

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LENDERS HAVE ENTERED restructuring arrangements with almost 50,000 mortgage holders, new figures today have shown.

The Department of Finance confirmed that 49,304 permanent mortgage restructures have been reached between financial institutions and their customers. That is an increase of 8,068 since the end of August last year.

Between the end-October and end-November, the total number of home loans in arrears has fallen by 1,230 accounts. There was also a slight drop in the amount of homeowners who were behind in their payments for longer than 90 days. That figure now stands at 80,487 (down 367).

Further to the permanent restructures, there has also been temporary restructures applied to 23,000 mortgages. Measures in these cases include Interest Only payments, payment moratoriums and deferred interest schemes.

However, there are still more than 62,000 (or 75 per cent) non-restructured mortgages in arrears for more than 90 days.

The Department started compiling the data as part of its response to the mortgage crisis, using information from AIB, Bank of Ireland, PTSB, ACC, KBC Ireland and Ulster Bank. The six lenders represent about 90 per cent of the market.

There are currently 581,209 ‘principal dwelling’ mortgage accounts not in arrears in Ireland.

Meanwhile, there are 34,237 ‘buy-to-let’ mortgage accounts in arrears.

Global View: Why the world’s saying ‘Ireland is back’

Related: Number of mortgage accounts in arrears FELL last quarter

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