New figures show number of mortgages in arrears has fallen

New government figures show the number of mortgages in arrears has fallen.

They have dropped to less than half of the late 2013 peak.

Justice Minister Charlie Flanagan and Social Protection Minister Regina Doherty have jointly published reports reviewing the take-up and outcomes of Abhaile from July 2016 to June 2018.

The aim of the service is to help mortgage holders in arrears find the best solutions and keep them, if possible, in their own homes.

It provides vouchers for free financial and legal advice and help from experts, who are available through MABS.

Charlie Flanagan
Charlie Flanagan

Minister Flanagan says Abhaile is now delivering real, successful solutions for borrowers struggling to pay their mortgage arrears.

"The number of home mortgage accounts in arrears has now fallen to less than half its late 2013 peak. I am particularly pleased to see that Abhaile is delivering results even for borrowers in the more challenging levels of arrears, who are those most at risk," said Mr Flanagan.

"Abhaile is undoubtedly making an important contribution to the drop in arrears for this worst-affected category and is helping those who fell into arrears due to loss of earnings, illness or family separation."

The number in arrears has now fallen to less than half its late 2013 peak.

Regina Doherty
Regina Doherty

Minister Doherty's announced an extension of the MABS Dedicated Mortgage Arrears service to the end of this year, as part of Abhaile.

She said: "These advisers are often the first point of contact for distressed mortgage holders, and provide advice and assistance to them as they seek to resolve their mortgage difficulties.

"I would encourage anybody who is afraid of losing their home due to mortgage arrears to take the first step, and call the Money Advice and Budgeting Service (MABS) and seek assistance."

More on this topic

Central Bank data shows slight fall in mortgage arrears

No Consent, No Sale bill 'should be no-brainer'

SF 'No Consent, No Sale' bill could have 'severe unintended consequences', says Central Bank

Mortgage firm in ‘significant move’

More in this Section

Three injured, two seriously, in three-car collision in Limerick

Man, 70s, arrested in connection with 1984 murder of Marie Tierney

70% increase in number of carers diagnosed with depression in last 10 years

Dublin is still the most expensive city in the Eurozone to live in


Lifestyle

Orla O’Regan: ‘I treasure the way my life has turned out’

More From The Irish Examiner