Brendan Burgess
Founder
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Mortgage Arrears in Ireland: Introducing the Enhanced Quarterly Statistics reviews the new data on mortgage arrears, describes the recent trends in arrears and restructures, and provides an analysis of the current situation and the types of resolution strategies undertaken by lenders to date, highlighting:
- The new data have addressed a number of data gaps and have delivered some crucial insights into the developments in arrears and the types of modifications offered by mortgage lenders. They provide a more comprehensive picture of arrears by duration, as well as details on the quantity and type of restructuring activity undertaken by lenders, and the level of compliance by borrowers with the terms of their restructure arrangements.
- The most recent trends in the arrears data indicate that the formation of new arrears is declining. However, longer-term arrears of over 720 days continue to increase. This suggests that there is a significant quantity of distressed mortgages that are showing no signs of improvement and are simply transitioning through to the more advanced stages of arrears.
- New flows data relating to restructuring activity shows that 23,500 PDH accounts were granted new restructure arrangements during the second quarter of 2013. Interest-only and reduced payment (greater than interest only) accounted for over half of these.