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Non-bank entities hold most overdue home loans

Central Bank data shows that the number of principal dwelling house (PDH) mortgage accounts in arrears fell by 2,071 in Q2, following a decline of 292 accounts in Q1.

Overall, the total number of PDH accounts in arrears is down 3,073 accounts or 6% on the previous year.

At end-June, some 4.4% of all PDH mortgage accounts were in arrears over 90 days, representing 31,645 mortgage accounts.

This is the lowest number of accounts in arrears over 90 days since March 2010.

Of the PDH accounts in arrears, some 5,908 accounts (or 13%) are currently part of a legal process, with just over one third (38%) in the legal system for over five years.

Non-bank entities continue to hold an increasing proportion of PDH mortgages, specifically in relation to PDH accounts in arrears.

At end-June, non-banks held 15.5% of all PDH mortgages outstanding and 74.5% of all PDH accounts in arrears over one year.