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16,683 in mortgage arrears could lose homes - Central Bank

Some customers in arrears had volunteered to sell their property, but the majority were involved in repossession proceedings
Some customers in arrears had volunteered to sell their property, but the majority were involved in repossession proceedings

Central Bank figures show that 16,683 borrowers in difficulty faced losing their homes by the end of last year.

Loss of ownership is involved in one-third of all mortgage arrears resolutions concluded with private homeowners by the end of last year, with most other deals involving some form of restructuring.

Of the 16,683 cases facing a loss of ownership, 15% involve the voluntary sale or surrender of the property.

The remainder are at various stages of the repossession process, with banks classifying most of these borrowers as non-cooperating.  

By the end of 2014, more than 67,617 solutions had been agreed by banks with customers in mortgage arrears in total.

The majority of these - 51,211 - were relating to principle dwellings, with the remainder being buy-to-let properties.

In the buy-to-let sector, 9,623 deals could see the loss of ownership of the related property - representing almost 60% of all solutions concluded by December.

The Central Bank has set banks targets for dealing with the mortgage arrears issue, both in engaging with customers and concluding deals.

It said that banks had met the targets in place for the last three months of 2014 and terms of all agreed deals were being met in 91% of cases so far.