Defaults among mortgage holders increased during January, according to the latest analysis by Moody’s.

No repayments had been made for 360 days or more on 1.82 per cent of the residential mortgages studied by the ratings agency – which it uses as a proxy for default. This was up from 1.65 per cent in December and was more than double the rate of a year ago. Moody’s found no repayments had been made on 6.2 per cent of the mortgages for more than 90 days, up from 5.7 per cent in December and 3.4 per cent a year earlier. Moody’s tracks €40 billion of residential mortgages that Irish lenders, including AIB, Bank of Ireland and First Active, have used to back bonds used to raise funds.