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17/11/2010
40,000 Mortgages In Arrears Over 90 Days
One in 20 Irish mortgages have been in arrears for over 90 days according to figures from the Central Bank today.
The worrying data shows 40,472 mortgages were in arrears for over the 90 days period at the end of September over double that of last year's figure.
During the last three months, mortgage lenders filed 210 cases against mortgage holders, an increase of 24% since the second quarter ending June. The 210 cases possess arrears totalling €7.8 million against the full mortgages of €76.9 million.
The level of mortgage default is of serious concern to the Irish Government and to the economy. Just as the Anglo Irish Bank collapsed as construction companies defaulted on their loans, it is believed that banks with large mortgage holdings could be equally at risk from homeowner defaults. Current estimates suggest that an outbreak of mortgage defaults could plunge the Irish economy into a financial crisis that would be effectively beyond recovery.
Today's statistics also show that at the beginning of the last quarter mortgage lenders held a stock of 495 repossessed residential properties. A further 81 were repossessed during the quarter of which 22 were repossessed on foot of Court Orders and 59 were repossessed following voluntary surrender or abandonment.
A total of 54 properties were disposed of during the quarter. This left mortgage lenders with 522 repossessed residential properties at the end of September 2010.
(DW/GK)
The worrying data shows 40,472 mortgages were in arrears for over the 90 days period at the end of September over double that of last year's figure.
During the last three months, mortgage lenders filed 210 cases against mortgage holders, an increase of 24% since the second quarter ending June. The 210 cases possess arrears totalling €7.8 million against the full mortgages of €76.9 million.
The level of mortgage default is of serious concern to the Irish Government and to the economy. Just as the Anglo Irish Bank collapsed as construction companies defaulted on their loans, it is believed that banks with large mortgage holdings could be equally at risk from homeowner defaults. Current estimates suggest that an outbreak of mortgage defaults could plunge the Irish economy into a financial crisis that would be effectively beyond recovery.
Today's statistics also show that at the beginning of the last quarter mortgage lenders held a stock of 495 repossessed residential properties. A further 81 were repossessed during the quarter of which 22 were repossessed on foot of Court Orders and 59 were repossessed following voluntary surrender or abandonment.
A total of 54 properties were disposed of during the quarter. This left mortgage lenders with 522 repossessed residential properties at the end of September 2010.
(DW/GK)
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24 March 2015
FF Call On Central Bank To Directly Engage With Mortgage Providers
The Central Bank has been urged to engage directly with mortgage providers in an effort to secure a reduction in the standard variable rate. Making the call Fianna Fáil finance spokesperson Michael McGrath said that "it is clear that there is a wide and growing disparity with existing customers on SVRs very much at the bottom of the pile.
FF Call On Central Bank To Directly Engage With Mortgage Providers
The Central Bank has been urged to engage directly with mortgage providers in an effort to secure a reduction in the standard variable rate. Making the call Fianna Fáil finance spokesperson Michael McGrath said that "it is clear that there is a wide and growing disparity with existing customers on SVRs very much at the bottom of the pile.
08 November 2012
Increase In Number Of Mortgages Issued
The number of new mortgages issued in Q3 2012 represents an increase of 23.5% compared with the previous quarter and an increase of 10.4% compared with Q3 2011, according to The IBF/PwC Mortgage Market Profile. This is the first year-on-year increase since Q3 2006.
Increase In Number Of Mortgages Issued
The number of new mortgages issued in Q3 2012 represents an increase of 23.5% compared with the previous quarter and an increase of 10.4% compared with Q3 2011, according to The IBF/PwC Mortgage Market Profile. This is the first year-on-year increase since Q3 2006.
20 August 2012
Increase In First-Time Buyers
The Irish Banking Federation (IBF)/PwC Mortgage Market Profile, published today, shows that the number of new mortgage loans issued to First-Time Buyers and Mover Purchasers during Q2 2012 increased on a year-on-year basis. A total of 3,225 new mortgages to the value of €524 million were issued during the second quarter of 2012.
Increase In First-Time Buyers
The Irish Banking Federation (IBF)/PwC Mortgage Market Profile, published today, shows that the number of new mortgage loans issued to First-Time Buyers and Mover Purchasers during Q2 2012 increased on a year-on-year basis. A total of 3,225 new mortgages to the value of €524 million were issued during the second quarter of 2012.
27 November 2007
Could Falling Mortgages Mean Celtic Tiger Is Tamed?
New mortgages have fallen by a quarter, an indication of a slowdown in the overall housing market and of a sluggish Irish economy - leaving the construction industry vulnerable. The number of new mortgages issued in the Republic of Ireland fell 25% in the three months to the end of September, new figures show.
Could Falling Mortgages Mean Celtic Tiger Is Tamed?
New mortgages have fallen by a quarter, an indication of a slowdown in the overall housing market and of a sluggish Irish economy - leaving the construction industry vulnerable. The number of new mortgages issued in the Republic of Ireland fell 25% in the three months to the end of September, new figures show.
17 August 2012
Over 50% Of Mortgages In Arrears
Over 50% of Irish mortgages are in negative equity, according to Davy stockbrokers. In an analysis of the mortgage arrears situation, Davy has forecast that owner-occupier arrears will peak at 16.5% from a level of 13.4% in the first quarter of this year. The stockbrokers said that banks need to move beyond short-term mortgage measures.
Over 50% Of Mortgages In Arrears
Over 50% of Irish mortgages are in negative equity, according to Davy stockbrokers. In an analysis of the mortgage arrears situation, Davy has forecast that owner-occupier arrears will peak at 16.5% from a level of 13.4% in the first quarter of this year. The stockbrokers said that banks need to move beyond short-term mortgage measures.
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