Early-stage mortgage arrears rise at end of 2023

Paul Joyce, senior policy analyst at the Free Legal Advice Centres.

The number of households falling into arrears with their mortgage repayments increased at the end of 2023 following the first full year of aggressive interest rate hikes even as accounts in long-term arrears fell, Central Bank figures suggest. 

The figures show that the total number of home mortgage accounts in arrears rose to 47,734 in the last three months of 2023, driven by an increase from the previous quarter in the number of accounts falling into arrears at an early stage. The Central Bank highlighted a decrease in the number of longer-term arrears, of over a year, although it didn't ascribe in its commentary any reason for the decline.