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Early mortgage arrears rise as cost of living bites

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New figures from the Central Bank show that early mortgage arrears - arrears of less than 90 days - rose by 3% in the fourth quarter of 2023 as some mortgage holders struggle with repayments due to the continued high cost of living.

But the Central Bank said the number of accounts in arrears over 90 days fell by 3% in the last three months of 2023, due to the uninterrupted decline in long-term arrears, which is arrears of more than a year.

Today's figures show that the number of home mortgage accounts in arrears over 90 days stood at 29,034 by the end of 2023, which represents 4.1% of all home mortgage accounts, and is unchanged from 2022. The Central Bank said the outstanding balance on home mortgage accounts in arrears of more than 90 days was just over €5.8 billion at the end of last year, just under 6% of the total outstanding balance on all home mortgage accounts.

The Central Bank figures show that 57,863 home mortgage accounts were categorised as restructured by the end of December - representing 8% of total mortgage accounts outstanding. The main most popular forms of restructured home mortgages were split mortgage and arrears capitalisation arrangements.

 

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