Stop kicking mortgage debt solutions down the road

Long-term interest-only options or warehousing debt not realistic long-term solutions

Even today, 13 years on from the financial crash, one in eight mortgage accounts are exhibiting some level of distress. Photograph: Frank Miller

Even today, 13 years on from the financial crash, one in eight mortgage accounts are exhibiting some level of distress. Photograph: Frank Miller

Mortgage debt is one of Ireland’s great hidden problems. Thousands of people are wrestling with their inability to pay back their home loans but, for most, it is not something they talk about. Long-term arrears are crippling emotionally and financially, preventing families from planning for the future and increasing household stress.

Last week Central Bank deputy governor Ed Sibley spoke to delegates at a Banking & Payments Federation Ireland event about the regulator’s work in respect of distressed debt and particularly long-term mortgage arrears.

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