Numer of split mortgages on the rise - Department of Finance

Thursday 12 June 2014 23.29
Over 1,000 split mortgages agreed with homeowners in a one month period
Over 1,000 split mortgages agreed with homeowners in a one month period

There has been an increase in the number of split mortgages agreed with home owners in arrears. 

New figures from the Department of Finance show there were more than 1,000 split mortgages agreed with homeowners in a one month period.

A split mortgage divides a mortgage into two parts. The first part is paid as normal and the second part is put to one side. 

The data from the Department of Finance shows among the six main mortgage lenders there are now 11,157 split mortgages in place. 

The figures also show the number of permanent restructures for owner occupier mortgages is now 65,698.  They shows that the number of permanent restructures has increased by 20,521 in a 13 month period. 

Among buy-to-let dwellings in arrears the six main lenders have 4,380 rent receivers in place, the Department said.

The six main lenders are AIB, Bank of Ireland, Permanent TSB, ACC, KBC Bank Ireland and Ulster Bank and they represent 90% of the mortgage market.