One in 10 mortgages in arrears

One in 10 mortgages in arrears

New figures have revealed that more than one in 10 Irish mortgages are in arrears.

Another fifth of all mortgage holders are said to be having difficulties in meeting repayments, according to a report by credit ratings agency Moody’s.

The figures highlight the pressure many mortgage holders face – particularly those who bought at the peak of the boom.

The number of people who are more than 90 days behind with mortgage payments has risen steeply in the past three months alone. 10.14% of home loans are in arrears – up from 8.85% in July.

The figures also show that the amount of people who are more than a year behind on mortgage payments has also risen, up over half a percent from 2.9% in July to 3.42% now.

Moody’s noted that “elevated unemployment levels” are pushing borrowers into arrears.

Meanwhile, an IMF report on Ireland has suggested that about 20% of borrowers are having difficulty in meeting their mortgage repayments, with 36% of people in negative equity.

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