Home arrears ‘biggest legacy’ of crisis

THE number of homeowners who could not afford to pay their mortgages increased in the first three months of this year.

Figures to be released today by the Central Bank will also show that the number of home repossessions continues to rise across the country.

Commenting on the findings and the fact that at the end of last year just under four in every 100 mortgage holders were 90 days or more behind on repayments the Financial Regulator, Matthew Elderfield, suggested mortgage arrears may be the “biggest legacy” of the financial crisis.