Surge in number of mortgages in arrears

Updated: 12:15, Tuesday, 28 September 2010

There was a surge in the number of people falling behind in their mortgage repayments in the first six months of the year.

1 of 1Mortgage repayments - 36,500 private residential mortgages in arrears
Mortgage repayments - 36,500 private residential mortgages in arrears

Figures from the Central Bank on Residential Mortgage Arrears and Repossessions show almost 36,500 private residential mortgages are in arrears, out of a total of 789,000.

At the end of June, 4.6% of mortgages were in arrears for more than 90 days, mortgage accounts in arrears for more than 90 days increased by 12.74% since the end of March 2010.

The total value of mortgages held in Ireland is nearly €118bn.

In the year from 1 July 2009 to 30 June 2010 there were 387 residential properties repossessed.

Yesterday, Irish Life and Permanent chief executive Kevin Murphy said that 5.2% of its 180,000 mortgage customers are in arrears, with the biggest contributory factor being unemployment.

He said the problem will get worse before the end of the year.

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