Negative equity homes are almost €50bn in debt

The debt level of homes which have plunged into negative equity has hit almost €50bn, figures from the four big banks reveal.

Central Bank governor Patrick Honohan made public the scale of the mortgage misery which the main lenders are locked into as they came under renewed fire for sending out letters threatening repossession rather than offering sustainable solutions to customers.

Latest Central Bank estimates show all four main banks have a majority of owner-occupier mortgages now in negative equity.