Central Bank warns of 9.3bn mortgage debt mountain

The scale of the long-term mortgage crisis is growing at an alarming rate, the Central Bank has warned, with a third of households in arrears now two years behind in repayments.

The bank said it is very concerned about a €9.3bn mortgage debt mountain in the main banks.

A review of the most up-to-date data has found one third of accounts for primary homes that are in arrears for more than 90 days are actually behind in repayments for almost two years. The loans were worth €6bn at the end of June.