Loss of ownership solutions ‘exceptionally high’

The number of mortgage solutions for loans in arrears that involves loss of ownership to the borrower is exceptionally high at almost 50%, according to a leading stockbroking firm.

Davy Stockbrokers yesterday released an evaluation of the Central Bank’s Mortgage Arrears Resolution Targets (Mart, details of which were published on Monday, which points to the large proportion of borrowers losing ownership of their properties as part of a mortgage arrears solution.

The data show that 49,000, or just under 49% of the 100,313 solutions arrived at in Q3, involved loss of ownership, including more than 31,000 owner-occupier mortgages.