S&P: 11% of mortgages in arrears

MORTGAGE arrears at Ulster Bank and First Active have soared to over 11%, according to rating agency Standard & Poor’s.

The agency said that since their last review of Celtic 14, a residential mortgage-backed securities transaction that closed in November 2008, securitising loans originated by First Active and Ulster Bank Ireland, the level of loans more than 90 days in arrears has risen to 11.33% in May 2011, from 7.7% in August 2010.

Meanwhile, AIB is not imposing the latest ECBinterest rate hike on standard variable loans at the moment but tracker mortgages will increase today.