Nearly 2,300 in arrears in Louth

A study of the Central Bank’s most recent quarterly arrears report suggests as many as 2,270 of Louth mortages are estimated to be in arrears.

Eileen Meates Caledonian Life representative in Louth commented, “There are 17,700 mortgaged properties in Louth and the nationwide average for mortgage arrears is 12.9 per cent so unfortunately it safe to say that some of these mortgage holders will be behind on their repayments

It was also revealed this week that in 75 per cent of cases, people in arrears on their mortgages are in work.

Leading finance analysis company, Fitch Rating, has also suggested it is going to be a tough year for mortgage holders and the banks that lent to them.

Fitch said that although early stages arrears - borrowers less than three months behind on payments - had peaked, late stage arrears were building.

Meanwhile AIB and the The Irish Mortgage Holders’ Organisation (IMHO) that a new scheme set up by the pair has seen over 120 mortgages restructured, including with write-down of some debt.


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