70% of mortgage holders in arrears are long-term

Seven in 10 residential mortgage holders behind on their repayments are in long-term arrears — a third of which are grappling with a payment backlog of two years or more.

Despite the latest Department of Finance mortgage arrears figures showing a slight improvement in the number of borrowers in arrears, the scale of the crisis is strikingly evident.

At the end of February, the number of primary dwelling mortgage accounts in arrears stood at 84,717 — an improvement of 3,100 compared to the previous month.