Connect with us

Hi, what are you looking for?

Top Stories


Mortgage arrears up sharply with landlords hardest hit

<?xml encoding=”utf-8″ ?????????>

The number of people falling behind on their mortgage payments rose sharply over the summer months, figures from the banking sector show.

Rising interest rates have put pressure on homeowners, with 87,930 in arrears said UK Finance, up 18% compared with July to September last year.

Among landlords, the number in arrears doubled in a year.

Home repossessions are rare, but lenders and charities urge people to act early when facing trouble.

Despite the sharp rise in mortgages in arrears, the number where payments have fallen behind still represent just 1% of the 8.8 million outstanding mortgages, trade body UK Finance said.

That will come as a relief during a period of tough cost-of-living pressures and steadily rising interest rates.

However, homeowners tend to prioritise their mortgage repayments, sometimes leaving them unable to pay other bills. Such circumstances are masked by these figures.

But there has now been a relatively sharp rise in arrears, as the pressure gets more intense and fixed mortgage deals expire and are replaced by more expensive loans. An estimated 1.6 million deals will expire next year, with the vast majority rolling onto much higher rates of interest.

The number of homeowners in arrears was up 7% in July to September compared with the previous quarter, UK Finance said.

One 79-year-old homeowners said that he had cut back on other costs as much as he could, but was only able to pay part of his mortgage bill each month.

“The anxiety is affecting my health,” he said, claiming that he had received slow responses when highlighting the issue to his lender.

You May Also Like


As the world seeks sustainable and energy-efficient solutions for heating and cooling, the heat pump market is experiencing a significant surge. According to the...

Editor's Pick

PHILIPPINE STAR/ MIGUEL DE GUZMAN The Department of Environmental and Natural...

Editor's Pick

The Warriors were not happy campers in the aftermath of their loss to the Timberwolves the other day. It wasn’t simply that the setback...


<?xml encoding=”utf-8″ ?????????> The Government’s Terrorism (Protection of Premises) Bill featured in the King’s Speech 2023 on Tuesday (November 7), indicating the Government’s intention...

Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Secrets Of Richdads. All Rights Reserved.