Mortgage arrears and high credit costs harm all of us

It is hard to believe that there are now more people in long-term mortgage arrears than was the case in 2011 at the beginning of the last Dáil.

Despite an entire page of the 2011 Programme for Government being devoted to “housing and distressed mortgages”, the start of the 32nd Dáil doesn’t read well. The number of mortgage arrears cases is now over 25% higher, having reached a peak in 2013. Around 40,000 borrowers are threatened with repossession proceedings and face the prospect of losing their homes.

Adding to the housing crisis is a shortage of accommodation for those already homeless and construction of new homes lagging substantially behind the needs of the population. Rents, if you are fortunate to find a property to rent, will gobble an excessive amount of your take-home pay. For those meeting their mortgage payments, the costs of Irish standard variable loans are among some of the most expensive in Europe.