Mortgage arrears fall again in third quarter – Central Bank
New figures from the Central Bank show that the number of homeowners in arrears for more than three months fell to a nine-year-low of 5.9% in the third quarter from 6% at the end of June.
The Central Bank also said the decline in the number of home mortgages in arrears for two or more years decreased by 753 accounts in the three months to the end of September.
Accounts in arrears over 720 days accounted for 45% of all mortgages in arrears at the end of September.
Meanwhile, the number of residential buy-to-let mortgages in arrears over 90 days inched back down in the third quarter after rising unexpectedly to the highest level in more than a year in the previous three month period.
Buy-to-let loans in arrears fell to 13.9% from 14.9% in the second quarter, the lowest level since the bank began to collect data in 2012.
Arrears in this category had peaked at 22.1% in 2014 in the aftermath of the property crash.
Today’s Central Bank figures also show that the number of home mortgages classified as restructured at the end of September stood at 88,587.
A total of 4,993 new restructure arrangements were agreed during the three months from June to September.
Of these restructured accounts, 86% were deemed to be meeting the terms of their current restructure arrangement.
The Central Bank noted that arrears capitalisation accounted for the largest share of restructured accounts at 33%, while the share of accounts on temporary restructure arrangements remained low at 13%.
In the buy-to-let sector, 14,324 mortgage accounts were categorised as restructured at the end of September, down 1,239 accounts.
83% of these buy-to-let mortgages were not in arrears, while 88% were meeting the terms of their current
restructure arrangement, the Central Bank said.
Article Source: Click Here