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Home loan arrears decreased after COVID payment breaks

28 Sep 2020 / regulation Print

Home loan arrears down after virus payment breaks

Central Bank statistics show that the number of principal dwelling houses (PDH) mortgage accounts in arrears over 90 days remained unchanged, at 5.6% of the total, at end-June.

Similarly, mortgage accounts in arrears over 720 days decreased marginally to 26,228 and account for 46% of all PDH accounts in arrears.

Early arrears

When including short term arrears of under 90 days, PDH mortgage accounts in arrears decreased by 6,645 accounts in Q2 2020, driven by a decrease of 6,627 accounts in early arrears (less than 90 days).

This decrease can be largely attributed to an unwinding of the increase in the previous quarter, in part owing to the introduction of COVID-19 payment breaks towards the end of the previous quarter, the Central Bank says.

Of the total number of PDH accounts in arrears:

  • 17% (or 9,591 accounts) were overdue by between two and five years,
  • 21% (or 11,936 accounts) were in arrears by between 5 and 10 years,
  •  8 per cent (or 4,701) were in arrears greater than 10 years.

Non-bank entities, or ‘credit-servicing firms’, held 13% of all PDH mortgage accounts outstanding at end-June 2020, but held 56% of all PDH mortgages in arrears over 720 days.

The outstanding balance on PDH mortgage accounts in arrears of more than 90 days was €7.7 billion at end-June, equivalent to 8% of the total outstanding.

Gazette Desk
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