State bodies told to come together to refine solutions for those in mortgage arrears

The Mortgage Arrears Review Group report emphasizes the need for a coordinated communications strategy to engage with distressed mortgage borrowers, especially those in long-term arrears.

Minister Jack Chambers highlighted the range of supports available for distressed borrowers, including personal insolvency arrangements, mortgage-to-rent schemes, and various regulatory frameworks designed for consumer protection.

At its peak in June 2013, nearly 99,000 private mortgages were in arrears for over 90 days, which accounted for about 13% of all home mortgage accounts.

Chambers noted a decrease in long-term mortgage arrears from 18% in 2013 to 6.7% by March 2024, attributing this improvement to effective regulatory measures.

Read at Irish Independent