Central Bank figures show 1,000 mortgages a month falling into arrears

on 07/03/2013 14:09:06

Nearly 12% of residential mortgages are now in arrears, according to new Central Bank figures.

The data shows that a thousand homeowners a month are falling into arrears, but the rate of increase is beginning to slow.

The Central Bank said just over 94,000 mortgages held by owner occupiers were in arrears at the end of December, that is up by more than 3,000 from last September.

The figures show that 11.9% of residential mortgages are in arrears, while almost 19% of buy-to-let property owners are in trouble.

Secretary General of the Department of Finance John Moran said his department is expecting more repossessions in the coming year.

He said once a legal loophole preventing the banks from moving against homeoweners is closed the banks will begin to move on homes again.