Thousands in arrears for more than a decade, Central Bank reveals

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Credit: Irish Times

Thousands of mortgage holders have been in arrears for a decade or more.

New figures show that just over 4,700 mortgage accounts were more than 10 years in arrears in June.

And close to 12,000 residential mortgage accounts were between five and 10 years behind on their payments, according to the Central Bank.

Close to 9,600 accounts were overdue by between two and five years, a new breakdown of the length of time those behind on their payments shows.

The revelation of how long some home-loan holders are behind on their payments is sure to prompt calls for a speeding up of the process of dealing with those unable to pay.

Critics of the slow pace of court repossessions argue that the period of time it takes to deal with a mortgage in default means some are living in homes rent free.

Others argue that families cannot be evicted when social housing is in such short supply.

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