Residential mortgage arrears fall for the 12th quarter in a row

Central Bank figures show 11% of home loans were in arrears in the second quarter

Stitching together a financial plan: mortgage arrears fell by 4.5 per cent in q2. Pic: Pixabay

The number ofresidential mortgages in arrears fell for the 12th successive quarter in the three months ended June to 11 per cent of the total, new figures show.

The latestmortgage arrears and repossession statistics for the second quarter, published by the Central Bank, showed 82,092 of a total of 740,834 private residential mortgages were in arrears, down 4.5 per cent from the first quarter.

Accounts in arrears of more than 90 days were down by 3.6 per cent while the number of accounts in arrears of more than 720 days were down by 2.3 per cent.

The Central Bank said 120,614 mortgage accounts were classified as restructured at the end of June. Of these, 88 per cent were meeting the terms of the new arrangement, the highest level since the series began.

In the buy-to-let sector, accounts in arrears of more than 90 days fell by 2.5 per cent in the second quarter, those unpaid for more than 180 days fell by 2.8 per cent while accounts in arrears of more than 720 days were down 0.6 per cent.

The figures also show that the courts granted an order for repossession or sale in 372 cases with 1,783 properties in the banks' possession at the start of the quarter and this fell to 1,683 by the end of June.

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