Ireland's Property News
 

Ireland's Property News

Sharp rise in number of rent receivers appointed to buy-to-let properties

Sharp rise in number of rent receivers appointed to buy-to-let properties

Sharp rise in number of rent receivers appointed to buy-to-let properties


There was a sharp increase in the number of rent receivers appointed by banks to buy-to-let properties in September, according to figures from the Department of Finance.

 The latest set of Mortgage Restructures Data shows there were 5,418 receivers appointed by banks to collect rent on their behalf in September, up more than 15% in a month.

Meanwhile, there was a 3.7% increase in the number of permanent mortgage restructuring agreements made on buy-to-let properties by September with 17,461 such deals made.


More than 30% of those involved arrears capitalisation, while over 20% related to fixed repayments and interest modifications.

A further 16.2% saw the term of the mortgage extended in order to reduce the cost of monthly repayments.

There has also been an increase in the number of permanent restructuring agreements made on private dwellings, with 83,588 deals made by the end of September.

More than 29% of these involved arrears capitalisation, while over 20% of deals involved a split mortgage.

A further 19% of permanent arrangements saw the term of the customer's mortgage being extended, while over 15% of deals involved a mixture of different measures.

 

Overall the number of private dwellings in mortgage arrears for 90 days or more has fallen 23% since August 2013, according to the Department of Finance, while the total number of owner-occupier mortgages in arrears has fallen below 100,000 for the first time since it began tracking the data.

Mortgages in arrears represented 14% of all private mortgage loans during the period, according to the figures, with the majority still to be restructured.

In the buy-to-let market, mortgages in arrears still represent more than a quarter of the total loan book, with three quarters of those cases yet to be restructured.

 

Source : RTE 13/112014

3,000 homes to be built on €2bn Cherrywood lands
Irish Water
 

Comments

No comments made yet. Be the first to submit a comment
Guest
Tuesday, 20 April 2021

Captcha Image