The number of homes in mortgage arrears fell marginally in the first quarter of the year following two consecutive quarters of increases, according to data from the Central Bank.
The number of homes in arrears over 90 days was 28,769 at the end of March, which represented 4.1 per cent of all private dwelling accounts. The figure was nearly unchanged since the end of December.Makhlouf warns against budget giveaway in letter to ChambersIn March, 40 per cent of private home accounts in arrears were held by banks, whereas 60 per cent were held by non-banks entities. This compares to 46 per cent held by banks and 54 per cent by non-banks in March, 2023.
Of the private home accounts in arrears, 11 per cent are currently part of a legal process, 32 per cent of which have been in the legal system for over five years. During the quarter, 24 properties were disposed of by lenders. As a result, lenders were in possession of 144 private home properties at the end of the period.
Overall the review found the mortgage arrears resolution framework set out in the Central Bank’s code of conduct was “well positioned to support borrowers in or facing financial difficulty”.