Long-Term Mortgage Arrears in Ireland

Terry O'Malley
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Terry O'Malley: Central Bank of Ireland

No 7/FS/18, Financial Stability Notes from Central Bank of Ireland

Abstract: Approximately 29,000 residential mortgages in Ireland have accumulated at least two years worth of missed payments as of March 2018. In this paper, I analyse a sample of these mortgages in long-term arrears. By end-2017, the number of loans entering long-term mortgage arrears slowed to its lowest rate since the crisis began. The number of loans leaving long-term arrears has also generally slowed. Roughly half of the loans leaving long-term arrears in 2017 are due to voluntary and involuntary loss of ownership, compared with less than a third three years ago. The remaining longterm arrears mortgages have an average arrears balance of €66,000 and the estimated average loan-to-value ratio is close to 90%. The balances in arrears are on average around one fifth of the estimated value of the property.

Date: 2018-09
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