Level of mortgage arrears continues to fall in second quarter

There has been another fall in the level of mortgage arrears in the second quarter according to new data from the Central Bank.

The data shows that the 90+ day owner-occupier arrears rate declined to 9.3%, down from 9.8% in the first quarter of 2015, and the buy-to-let arrears rate fell to 19%, down from 19.7% in first quarter 2015.

According to Davy: “The improvement in mortgage arrears rates reflects the recovery in the Irish economy. In Q2 2015, there were 118,593 mortgage account modifications, of which 73%, or 86,590, were not in arrears. This proportion is up from 53.0% in 2013 – suggesting that a more realistic view is being taken of the mortgage modifications necessary to restore performance.”

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