Mortgage arrears crisis ‘is coming to a head’

A day of reckoning for people in mortgage arrears of more than two years is coming for both the banks and the homeowners, the head of the Irish Mortgage Holders Associations, David Hall, has warned.

Figures from the Central Bank show the number of mortgages in long-term arrears of more than 720 days has continued to spiral, increasing by 1,755 to more than 33,500.

There was also an increase in the number of mortgages in arrears for over 360 days reaching 60,422 — 7.9% of the total stock of mortgage accounts.