A dozen years after the crash, 4,700 homeowners are ten years or more behind on their mortgage repayments. With the pandemic set to push overall mortgage arrears levels higher once again, what, if anything, can be done to address the problem of chronic long-term arrears?
After peaking at 12.9pc – that’s more than one in eight – at the end of September 2013, the proportion of mortgages on private homes more than three months in arrears had fallen to “only” 5.6pc by the end of June this year.
However, new figures published by the Central Bank last week show that the composition of the remaining mortgage arrears has changed dramatically. Seven years ago, 36pc of mortgage arrears were for less than a year while 35pc were for more than two years.
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