Here is my summary
Legal proceedings issued
27,000 in arrears over two years and only 420 of them lost ownership
27,000 in arrears over two years, and only about 12,000 repossession proceedings in the courts.
Most of these are paying nothing at all.
Some are paying something, but are not engaging with the bank.
A few are paying a fair bit, but they have huge unsustainable mortgages and should move on.
The 270,000 or so borrowers with non-tracker mortgages who do pay their mortgages, are paying for these people as well through a mortgage rate which is about 1.5% higher than it needs to be.
It's time we told borrowers that if they do not pay their mortgages, or engage with the bank or attend court, they will lose their home quickly.
Brendan