Fears at ‘painfully slow’ pace of falling mortgage arrears

The reduction in mortgage arrears is “painfully slow”, almost 10 years after the financial crash, the Free Legal Advice Centres (Flac) has warned.

The group’s policy head, Paul Joyce, was commenting on the latest Central Bank figures which showed a small fall of 1,217 to almost 72,490 in borrowers who face some sort of arrears in paying their mortgages at the end of September from the previous quarter.

The figures still mean one in 10 of all residential mortgages are behind in repaying their home loans.