Sharp rise in Irish mortgages in arrears

Central Bank figures reveal the number of mortgages behind on their repayments increased by 1,000 at the end of 2022

At the end of December last year, some 3.18% of all 712,145 PDH mortgage accounts were in long-term arrears

The number of owner-occupied mortgages in arrears rose notably at the end of 2022 as households grappled with surging bank interest rates amid rising inflationary pressure.

Figures from the Central Bank of Ireland show the overall number of principal dwelling house (PDH) accounts behind on their payments rose by 997 in the final three months of the year. There was an increase of 2,307 in mortgage accounts that entered short-term arrears of less than 90 days. The increase follows more than a decade of quarterly declines in mortgage arrears.