Lenders ‘being more realistic over arrears’

New data shows mortgage lenders are increasingly entering into more realistic repayment arrangements with struggling customers.

The results of a new survey from the Professional Insurance Brokers Association (PIBA) show during the final quarter of 2012, nearly 70% of mortgage lenders were negotiating more realistic options with clients — an 8% rise on the previous two quarters of the year.

But PIBA said there was room for improvement. “While there are a variety of arrangements being entered into by the various banks, it is also evident that there is still some way to go to achieve the desired intent of the legislation,” Rachel Doyle, chief operations officer said.