High level of long-term home arrears

The number of people facing long-term arrears on their mortgages remains “surprisingly” high despite strong economic growth, a leading housing debt expert has said.

Paul Joyce, senior policy at the Free Legal Advice Centres (Flac) welcomed Central Bank figures which showed all categories of arrears — including early arrears of up to 90 days and long term arrears had fallen.

But he said the number of people at the end of June in arrears for over 720 days, or two years, was down only slightly. He said mortgage payers in long-term arrears were the most vulnerable to the threat of losing their home and, potentially to homelessness.