Mortgage arrears fall despite interest rate hikes

Latest hike by the ECB has driven the regulator’s main lending rate to 4.5%

The report showed vulture funds, also called non-bank entities, account for 16% of all residential mortgages on the Irish market and these entities account for 75% of mortgages in long-term arrears. Picture: Yui Mok/PA Wire

The number of homeowners falling behind on their mortgage repayments has declined despite rising interest rates, according to statistics from the Central Bank.

At the end of June, there were over 712,000 private residential mortgage accounts for principal dwellings held in the Republic, with a value of just under €100bn.