This article was originally published by Independent.
THERE has been a fall-off in the number of homeowners who are behind on their mortgage payments.
But the main domestic banks have still to restructure seven out of 10 mortgages that are three months or more in arrears, figures from the Department of Finance show.
There were close to 73,000 mortgage accounts in arrears for three months or more by June, the department said.
This was down by 5,500 since March.
The number of split mortgages continues to increase, with 14,158 split mortgages in place at the end of June, an increase of 4,114 on the figure for the three months ending in March.
The number of residential mortgage accounts in arrears for more than three months and not restructured has fallen from 62,210 accounts at the end of August last year to 52,053 accounts at the end of June.
That represents 71pc of residential mortgage accounts in arrears for three months or more.
The figures outline the arrears and deals put in place by AIB, Bank of Ireland, Permanent TSB, ACC, KBC Ireland and Ulster Bank. The lenders represent 90pc of the market.
These banks are subject to mortgage restructuring targets set by the Central Bank.
David Hall of the Irish Mortgage Holders Organisation claimed there was a large question mark over the figures.
He said a recent Central Bank study had shown that 45pc of residential mortgages that had been restructured at AIB, Bank of Ireland and Permanent TSB ended up back in default.ADVERTISEMENT
Some 11pc of those who had their mortgages restructured were making no repayments at all.
“Is the Department of Finance not listening to the Central Bank? ” he asked.
“These new mortgage restructuring figures are a scam. Banks are issuing offers that are not sustainable just to meet the Central Bank’s Mart (mortgage arrears resolution targets).”
Mr Hall claimed large numbers of those offered a mortgage modification by banks would end up back in default, rendering the Department of Finance figures irrelevant.
“There is a serious question mark over the accuracy of these figures,” he claimed.
The department said there has been a rise in the number of buy-to-let mortgages that are three months or more in arrears.
Investor mortgage arrears rose by 51 to 26,698 at the end of June, the department said.