Mortgage defaults ‘lower in Dublin and Cork’

HOMEOWNERS in Dublin and Cork will experience half the mortgage default rate than those in some midland and border counties.

This is according to ratings agency Moody’s which said the mortgage performance in Ireland is, and will likely remain, relatively widely-dispersed across the country.

The agency said that the “severe downturn” in the Irish economy will have a “lasting impact” on the development of residential mortgage loans originated in Ireland.