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How Are Irish Households Coping with their Mortgage Repayments? Information from the Survey on Income and Living Conditions

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Author Info

  • Yvonne McCarthy

    (Central Bank of Ireland)

  • Kieran McQuinn

    (Central Bank of Ireland)

Abstract

This paper uses information contained within the Survey on Income and Living Conditions (SILC) to examine the ability of Irish households to sustain their mortgage repayments. We calculate mortgage repayment to income (MRTI) ratios for a representative sample of Irish households and examine the distribution of this ratio across the sample. In particular, we stratify information on marital, work and educational status along with household composition according to this MRTI. We also examine the distribution of information on household mortgages such as the source, the interest rate paid, the age and tenure, and the monthly repayment of the mortgage according to the same ratio. Finally, the distributional implications for the MRTI of a significant unemployment and interest rate shock are also examined.

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File URL: http://www.esr.ie/vol42_1/04%20McCarthy%20PP%20article.pdf
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Bibliographic Info

Article provided by Economic and Social Studies in its journal Economic and Social Review.

Volume (Year): 42 (2011)
Issue (Month): 1 ()
Pages: 71-94

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Handle: RePEc:eso:journl:v:42:y:2011:i:1:p:71-94

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  1. Addison-Smyth, Diarmaid & McQuinn, Kieran & O' Reilly, Gerard, 2009. "Modelling Credit in the Irish Mortgage Market," Research Technical Papers 9/RT/09, Central Bank of Ireland.
  2. Diarmaid Addison-Smyth & Kieran McQuinn & Gerard O'Reilly, 2009. "Supply Response in an Uncertain Market: Assessing Future Implications for Activity Levels in the Irish Housing Sector," European Journal of Housing Policy, Taylor and Francis Journals, vol. 9(3), pages 259-283.
  3. Addison-Smyth, Diarmaid & McQuinn, Kieran & O' Reilly, Gerard, 2009. "Quantifying Revenue Windfalls from the Irish Housing Market," Research Technical Papers 10/RT/09, Central Bank of Ireland.
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Cited by:
  1. Kelly, Robert & McCarthy, Yvonne & McQuinn, Kieran, 2011. "Impairment and Negative Equity in the Irish Mortgage Market," Research Technical Papers 9/RT/11, Central Bank of Ireland.
  2. Kelly, Robert, 2011. "The Good, The Bad and The Impaired - A Credit Risk Model of the Irish Mortgage Market," Research Technical Papers 13/RT/11, Central Bank of Ireland.
  3. Gerlach, Petra, 2013. "Younger and Older Households in the Crisis," Research Notes RN2013/1/4, Economic and Social Research Institute (ESRI).
  4. McCarthy, Yvonne & McQuinn, Kieran, 2013. "Price expectations, distressed mortgage markets and the housing wealth effect," Research Technical Papers 06/RT/13, Central Bank of Ireland.

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