Interest rate rise to cause arrears
The Irish Mortgage Corporation said that an expected rise in the base rate of interest by the European Central Bank (ECB) next month is not the right move for Irish mortgage holders at this time and will add further pressure on already struggling mortgage holders.
According to the Central Bank, more than 44,000 homeowners are now 90 days or more behind on their mortgage repayments. In addition, a further 35,000 mortgages have been restructured but are not classed in arrears. Typically, a mortgage is restructured to avoid that loan going into arrears.
