Arrears on mortgages are expected to peak early next year, according to the head of KBC Bank Ireland.
John Reynolds said his bank expected mortgages in long-term arrears to peak in the first half of next year, note late this year as had previously predicted.
That’s because people are still moving from short-term to long-term arrears, according to Reynolds.
On a positive note, Reynolds said KBC were seeing an increase in demand from new borrowers since it cut the size of deposit buyers have to borrow from 20% to 10% of the value of a home.
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