Mortgage arrears refers to when a borrower has missed one or more required mortgage payments. This can occur for a variety of reasons such as falling into financial hardship, losing your job, changes in interest rates, or unexpected expenses.
Mortgage arrears are a significant cause for concern for governments due to the implications these can have for the individuals concerned, the financial institutions and the wider economy.
This sub-section provides quarterly data covering the number of mortgages in arrears for principal dwelling houses. The data covers the months of March, June, September & December for each year beginning from 2010.