More than 55,000 homeowners face mortgage arrears of more than three months, according to the Central Bank. Today’s figures are almost double those of December 2009; revealing interest rate hikes and pay cuts are taking their toll.
In total, 809 homes were taken from homeowners between January and June – they were repossessed by court order, surrendered or abandoned.
Social Protection Minister Joan Burton, speaking yesterday on RTE’s This Week programme, asked for a case-by-case assessment of each borrower by the bank, allowing struggling homeowners to manage their debts.
Frank Conway, director of finance advice company Money Coach, told The Guardian he didn’t have high hopes for the coming winter, as gas and electricity rates are set to rise. “The July ECB rate hasn’t kicked in and the cost of electricity and gas is about to go up. People are struggling with basic needs, such as heating a home, they are under enormous pressure and this is undermining people’s ability to pay.”
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