Mortgage restructuring does little to ease crisis

Restructuring of mortgages has done little to solve the mortgage crisis as more than half of all borrowers still cannot afford to meet repayments after their loans have been restructured.

New figures released by the Central Bank show that nearly 80,000 mortgages, with a total value of over €14bn have been restructured, but 41,000 mortgage holders have been unable to meet the restructured payments.

The most widespread means of restructuring has been moving to an interest-only payment. Nearly 28,000 mortgage holders have switched to interest-only payments.