New figures from the Central Bank shows that mortgage accounts in arrears for over 90 days had fallen to their lowest level since 2009 by the end of December.
The Central Bank said that the number of home mortgage accounts in arrears for over 90 days fell to 26,899, which represented 4% of all mortgage accounts outstanding.
It noted that 76% of accounts in arrears for over 90 days are held by non-banks.
The outstanding balance on mortgage accounts in arrears for more than 90 days was just over €5.5 billion at the end of December, 5% of the total outstanding balance on all mortgage accounts
Today’s Central Bank figures show that during the fourth quarter of the year, the total number of mortgage accounts in arrears decreased by 3%, continuing the recent trend of decline since the fourth quarter of 2023.
The number of accounts in early arrears (less than 90 days) decreased by 2% from the third quarter of 2024 and by 17% from the fourth quarter of 2023.
Meanwhile, accounts in long-term mortgage arrears – over one year – had an outstanding balance of €4.4 billion, which accounted for 60% of the balance on all accounts in arrears.
Today’s figures also show that a total stock of 52,865 home mortgage accounts were categorised as restructured at the end of last year – 7.6% of total home mortgage accounts outstanding.
Of the total stock of restructured accounts recorded at the end of December, 80% were not in arrears, while 84% were meeting the terms of their current restructure arrangement.
The largest two cohorts of restructured PDH mortgages were in split mortgage and arrears capitalisation arrangements, respectively, unchanged from the previous quarter, the Central Bank noted.
It also said that during the fourth quarter of 2024, a total of six homes were taken into possession by lenders.
During the quarter, 54 properties were disposed of by lenders and as a result, lenders were in possession of 110 properties at the end of December.
