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Rising interest rates are driving up the number of mortgage defaulters

Dublin: As the ECB continues to raise interest rates, the number of mortgage defaulters is on the rise. New figures from the Central Bank of Ireland reveal that the number of defaulters rose by three percent in the first three months of last year alone.

Although the bank claims that 1,300 of these are related to KBC and Ulster Bank withdrawals and loan transfers, it is estimated that the increase in interest rates has already begun to affect ordinary households.

48,760 families are tenants.

As of the end of March, the country had 7,16,560 residential mortgage accounts worth 100 billion euros. Out of this, 48,760 families are in default. Approximately 4,000 of them are long-term defaulters. 5,608 families’ mortgages are in default. The number of repossessions has also decreased. In the first three months of this year, it fell from 486 to 458.

The European Central Bank has raised interest rates eight times in a year as part of measures to deal with high inflation. The refinancing rate was increased to 4%. The Bonkers website pointed out that this action will harm more than 200,000 owners of tracker mortgages.

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