Number of mortgage in arrears showed a decline in December of last year. One factor was an increase in engagement between customers and lenders
The total number of mortgages in the State, labelled as 'in arrears' continues to fall.
Figures released from the Department of Finance show a decline of almost 2500 to 89,476 in December 2014, for owner-occupied dwellings, compared with the figure for the previous month. In arrears was taken as '1 day past due payment date'.
The number of mortgage accounts in arrears of more than 3 months (90 days) also fell by 1,930 to 62,266.
The buy-to-let mortgages in arrears also saw a fall for the same period. The number of people behind with payments fell by just over 1400 to 29,953.
December of last year also so an increase in the number of split mortgages, where part of the debt was shelved for a period of time and repayments only payed on an agreed proportion of the mortgage.
One of the main reasons for the continued decline was engagement between consumers and lenders. According to the report this resulted in an increase of 1,916 permanent mortgage restructures in Dec of 2014.
The figures are based on information from the State's six main mortgage lenders. The full breakdown is available in this report from the Department of Finance.
My Purple Chair
The My Purple Chair title was born from my favourite place to sit and think about what's happening in the world. It's old but comfortable. So i suppose it's a bit like myself!