Mortgage arrears fall for fifth quarter in row

Mortgages arrears fell for the fifth quarter in a row in the three months to the end of September, although the value of distressed mortgages remains at a stubbornly high €25bn.

According to latest figures from the Central Bank, 117,889 mortgages were in arrears at the end of September, which is a 6.4% decrease compared with the end of June. There were 84,955 mortgages in arrears over 90 days, which is a 6% decrease compared to the previous quarter.

However, long-term arrears continue to rise, with the number of mortgages in arrears over 720 days increasing by 418 over the three-month period. The total value of these mortgages was €8bn. A total of 109,911 mortgages have been reclassified, which is a 7.8% increase since the end of June. A total of 83.2% of these restructured mortgages are meeting the newly agreed terms.