Over 50% of mortgage holders in long term arrears are paying nothing

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Half of those in long-term arrears paid nothing on their mortgage in the last two years

HALF of mortgage holders who are in long-term arrears paid nothing to their lender last year and the year before.
www.independent.ie www.independent.ie


"HALF of mortgage holders who are in long-term arrears paid nothing to their lender last year and the year before.

Stark new figures from the Central Bank show that most of these accounts where nothing was paid are more than five years in arrears.

No payments were made on some 14,000 mortgage accounts in 2020 and 2021.

The findings suggest that strategic arrears, where people don’t pay even though they could pay something, may be a factor for some of those failing to pay anything on their mortgage.

Some 27,000 mortgage accounts, which representing 21,500 households, are in long-term arrears.

This is despite almost 14 years having passed since the financial crash that saw thousands of people get in the difficulties meeting their repayments."
 
The Irish Times says "the majority" of those who paid nothing are in arrears for 5 years

The average outstanding balance of accounts making no repayment in 2021 was €240,410 and the majority of these accounts were more than five years in default, the bank said in a report published on Thursday
 
I wonder would the percentage of borrowers not paying their mortgages be similar to the percentages not paying their rent. It's a shocking reflection on who/what we are. Always wanting everything but won't pay for anything. Would possibly be a fair reflection on those who are always shouting, marching and never satisfied.
 
Brendan Burgess said:
It's a shocking reflection on the 12,000 who are paying nothing.

It is not quite as shocking a reflection on the rest of us.
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Where's the clamour to have those houses reposed and sold to people who will/can pay the mortgage?

Brendan Burgess said:
But it does say something about our politicians and their failure to behave like adults.

Brendan
Click to expand...
The politicians we elect and re-elect.
 
Purple said:
I know a woman who lives in a large house in the Dublin Mountains who has never made a single mortgage repayment. She's been there 8 years.
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I'll take your one woman and raise it by my brother in-law!!

I have two brother in-laws, the first was and still is a very successful business man whose salary pre retirement was in the high six figures if not low seven figures and now after five years of retirement because he couldn't hack it has a low to middle six figure salary again

My other brother in-law hasn't worked since the early noughties just touching twenty years, if he wanted to work he could but he chooses not to
He instead has decided to rely on the hand outs that he can beg from family members and the law society, he's a barrister
He has only started to pay for his mortgage in the last couple of years only because he ran out of legal options not to,
but he's not paying for it, the state is as he and his wife are now fully funded by social welfare payments
And what's more shocking and irritating to us onlookers is that about ten years ago he received a small inheritance that would have cleared the mortgage amongst other things but instead paid for house renovations, new kitchen, new car, family holidays and other frivolous stuff

Now on one hand I think it's disgusting and annoying that he is able and facilitated in the way he chooses to live his life
but on the other hand I'm inclined to take my hat off to him maybe not so much to say "chapeau" but rather the sense of entitlement of this man
 
Don't pay your mortgage for a year an you are up 24k in the bank tax free (based on 2k a month mortgage), bring that out to 5 years and you have 120k. if you push that out to 10 years, you'd have a quarter of a million. Take the house I don't care, i'll just buy one with cash and still be rent free. Essentially I've I'll never have had to pay either mortgage or rent - suckers :).
An extreme situation, but how a system allows anyone to live in a house without paying anything towards it for such long periods is beyond me, and get away with it.
 
Our system is wrong if these people can stay in homes and never pay! It needs changing but we have limp politicians who are afraid to say anything negative about anyone for fear of a vote and until someone new comes along itll just remain so.
 
The worst thing to happen in this area was the grouping of the can't pay with the won't pay people. There is a huge difference between the deals being done by those honestly trying and experiencing some bad luck and those who are outright trying to, and seemingly succeeding in scamming the system.
 
Wonder what the value of the homes are. Is this more likely for high net worth individuals who have deeper pockets to cut deals years later? A lot of regular punters would ruin their credit rating and not be able to get loans Id imagine.
Would be interesting to see more of a breakdown. Very annoying though reading this as someone who struggled to emsure I paid morthage paymebts for many years while others lived it up with zero consequences.
 
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