Fears as mortgage arrears level doubles

IRELAND is facing a worsening mortgage arrears crisis as figures reveal the number of homeowners who have fallen three months or more behind on repayments has almost doubled in the last year.

Figures from the global ratings agency Moody’s reveal that just over four in every 100 mortgage holders — a total of 33,000 mortgages — are in arrears for more than three months.

This is up from just over two in every 100, or 18,984 mortgages, in May 2009.