Mortgage arrears levels continue to fall

Mortgage arrears levels continue to fall

The number of mortgage accounts in arrears for more than 90 days declined by 4,516 at the end of May, according to new Department of Finance figures.

The data show the number of accounts in arrears fell from 78,435 in the first quarter to 73,719 at the end of June.

The department said engagement between consumers and lenders has led to 69,306 mortgage restructures, up 7,241 on the first quarter and 18,118 on the final quarter of 2013.

According to the figures, the total number of mortgage accounts in arrears declined by 5,108 when compared to the first quarter and by 8,963 since the start of the year.

The number of split mortgages continues to increase however, with 12,857 split mortgages in place at the end of May.

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  1. Jhon at 5:19 pm

    Hello Tessa,Another interesting blogg, I have a quieostn in respect to point 4 above. It is my understanding that a (fixed term)section 21 can be issued to the tenant anytime after’ the tenants deposit has been registered (let us say with the DPS) this being the case the section 21 is issued just in case’. Now let us assume all has gone well with the tenancy to this point and it has now moved to a periodic tenancy and let us say we are some 18months down the line from the initial date the tenancy began and then’ something goes wrong with the tenancy or the Landlord simply wants their property back my understanding is that the Landlord can STILL rely on the (fixed term) section 21 issued all those months back shortly after the tenants first moved in.My quieostn is that if this be the case surely a Landlord cannot say well I issued you with a section 21 18 months ago (tenant having probably forgot)so I have already giving you the proper 2 months notice that I need to give so I want you to leave by say this Friday effectively giving the tenant possibly no time at all to make arrangements to move out.Can you tell me what the actual rule is here and what kind of notice’ a tenant would need to be given for the original section 21 notice to still remain effective if you rely on it in a court of law as I assume this could be seen as unfair in its implementation and that if the Landlord got heavy and forced them out thinking they were within their rights with what effectivly could be little or no notice in reality this might cause problems for the Landlord. What do you think?Thanks Tessa

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