More than two-thirds of borrowers who entered into an official process over mortgage arrears were able to come to an alternative arrangement with their lender, according to the Central Bank.

The bank said 71% of mortgage customers surveyed came to a new agreement on their loan repayments after engaging with its Mortgage Arrears Resolution Process.

Meanwhile, 80% of those surveyed said they entered a revised agreement after completing a Standard Financial Statement, which lenders must use to gain information on the customer’s financial circumstances.

The Central Bank conducted the research as it seeks views on its Code of Conduct on Mortgage Arrears, which sets guidelines on how banks can deal with customers in or facing mortgage arrears.

Central Bank Governor Patrick Honohan told an Oireachtas Committee earlier this month that they were conducting a review to ensure banks were sticking to the guidelines and to see if the current rules were effective.

According to the survey of borrowers, 73% said that their lender had been professional in dealing with them and 64% had noted their lender’s helpfulness.

Meanwhile, of those who used the appeal facility that is part of the Mortgage Arrears Resolution Process, 60% said they had negotiated a more sustainable loan arrangement.