Dáil Éireann Debate, Tuesday - 22 September 2015
385. Deputy Clare Daly asked the Minister for Finance the number of repossession cases where the mortgage involved was a standard variable rate for every year for the past five years; and if he will make a statement on the matter. [32171/15]
View answerThe requested breakdown of repossession cases is not available in either the Central Bank or Department of Finance statistical data on residential mortgage arrears.
More generally in terms of interest rates on outstanding loans, the most recent Central Bank of Ireland Household Credit Market Report:
(https://www.centralbank.ie/publications/Documents/Household%20Credit%20Market%20Report%202015H2.pdf) indicates that as of quarter one of 2015, 43 per cent of all principal dwelling houses (PDH) loans had a standard variable interest rate, while a further 47 per cent had tracker rates, with the remaining 10 per cent having fixed-rate contracts. The percentage of BTL loans with standard variable interest rates stands at 30 per cent.
I have just concluded a second set of meetings with senior management of Ireland's six main mortgage lenders to review mortgage interest rates and I can assure the Deputy that my Department continues to keep the situation under review. I would strongly urge all borrowers, including those with mortgage arrears, to examine the options that are now available to them to see how they can reduce their monthly mortgage payments.
