Mortgage crisis set to worsen with more than 10,000 in arrears

MORE than 10,000 mortgage arrears cases were outstanding at the end of June as the country’s mortgage crisis looks set to worsen.

Latest figures on mortgage arrears and repossessions from the Central Bank show that at the end of June, there were 7,236 cases where a formal demand had been issued in relation to mortgage arrears, but where court proceedings had not been issued. These cases amounted to some €143.2 million in arrears built up on loans of more than €1.5 billion.

In a further 3,027 cases, court proceedings have been issued to begin repossession. These cases comprise arrears of over €114.1m built up on loans of €703.9m.