High default rate restructured mortgages with High Variable Rates

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Raging Bull

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S&P spots arrears spike among certain Irish ‘mortgage prisoners’

More than one in four loans that had got back on track after previously being in arrears were again behind in their payments at end of 2024
www.irishtimes.com

Today's article in IT reports from the S&P. You really didn't need to be Nostradamus to figure it was going to happen.

From dealing with these funds there is still a push back on fixed rates in a PIA. They want to run considerably longer PIA than before from <1 yr to about 4 now.

To a certain extent the funds have caused the problem with really high SVRs that have no correlation with funding costs or market rates
 
Generally before they would look to do about 1 Year Personal Insolvency Arrangement. Now they are looking to do about a 4 year arrangement. There could be lots of reasons for this
 
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