Bank of Ireland ahead of targets in dealing with mortgages in arrears

Bank of Ireland ahead of targets in dealing with mortgages in arrears

Bank of Ireland insist they are ahead of their Central Bank targets in offering mortgage solution deals to customers in arrears.

Richie Boucher told the finance committee today that at the end of March the bank had 11,774 owner occupier mortgages which were three months or more behind on their loan repayments.

By the end of June, Bank of Ireland said it had offered a sustainable mortgage deal to 3,603 of those customers, 27% of all accounts in trouble.

The offers are made up of various types of reduced payment deals such as interest only, capitalisation of arrears and some split mortgages.

The Central Bank had set a target of 20% by the end of June but the Bank of Ireland was already 7% ahead of this.

Mr Boucher also said that an additional 26% of customers in arrears were involved in either a legal process where the bank has sent solicitors letters or in a consensual process with the bank to surrender their home.

The number of Bank of Ireland customers in “early arrears” also fell throughout the summer months, with Mr Boucher reporting that nine out of ten of the bank’s loans are performing.

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