Mortgage arrears rise by 7%

Latest UK Finance data has indicated that homeowner mortgages in arrears rose by 7 per cent (93,680) in the final quarter of 2023 compared to the previous quarter. Buy-to-let mortgages in arrears also increased 18 per cent to 13,570 compared to the previous quarter. 540 homeowner mortgaged properties were taken into possession in Q4, down…

Read more

Mortgage arrears rose in fourth quarter of 2023

New research by Pepper Advantage showed a 29.5% annual jump in arrears across it’s 100,000+ residential mortgage portfolio in the fourth quarter (Q4) of 2023, the figures were 5.7% higher than the previous quarter, to reach a new post-financial crisis high. The growth in the arrears rate follows successive increases in the percentage of mortgages…

Read more

Warning over surge in missed mortgage and credit card payments

Latest Bank of England data has highlighted that mortgage defaults and missed payments on credit cards and loans both surged at the end of the year, and are expected to keep rising. Missed credit card and loan payments, as a percentage of balances, are higher than they have been for at least five years with…

Read more

Arrears hits six year high

The proportion of mortgage balances in arrears increased to the highest level in six years in Q3, with Bank of England data showing that the proportion of total loan balances with arrears increased from 1.02% to 1.14%, quarter-on-quarter. This is the biggest proportion since Q2 2017. The latest statistics show that the value of outstanding…

Read more

Mortgage arrears predicted to increase in 2024

Latest figures from UK Finance have predicted that mortgage arrears as set to rise in 2024. The research also found that there has been an estimated 4,400 repossessions in 2023, noting that this was ‘an incredibly low number by historic comparisons.; It also highlighted that over 99% of the 10.8 million mortgages in the UK…

Read more

Landlords and homeowners mortgage arrears rises

UK Finance has released its latest mortgage arrears and possessions for Quarter 3 (Q3) with figures indicating that residential mortgage arrears have increased by 18% and buy-to-let mortgages in arrears also rising by 29%.  The latest data shows that there were 87,930 homeowner mortgages in arrears in Q3 2023, seven per cent more than the…

Read more

Mortgage arrears increase by 23.3% hitting post-financial crisis high

Gobal credit intelligence company, Pepper Advantage has reported a 23.3% annual increase in the arrears rate in the third quarter of 2023 to reach a new post-Financial Crisis high. The growth in the arrears rate follows successive increases in the percentage of mortgages that experienced a Direct Debit Rejection (DDR), where a direct debit instruction…

Read more

Mortgage arrears increase by a third

13th September 2023 Banking and Loans | #mortgage arrears

Latest Bank of England figures have indicated that the value of mortgage arrears jumped by almost a third (29%) in April-June compared with the same period in 2022, with the total value of outstanding mortgage debt at £16.9 billion, the highest total since 2016. New arrears cases equated to 16% of the total outstanding mortgage…

Read more

Mortgage arrears on the rise

Latest data from UK Finance for Quarter 2 (Q2) has found that  arrears and possessions data shows that there were 81,900 homeowners in arrears of 2.5 per cent or more of their outstanding balance. Mortgages in arrears accounted for 0.93 per cent of all homeowner mortgages outstanding. UK Finance predicts that this figure will remain…

Read more

Proportion of debt charity’s clients with mortgage arrears increases 15%

New data from StepChange Scotland has revealed that around one in five (19%) mortgaged clients were in mortgage arrears in the second quarter of this year, up from almost one in seven (15%) in the second quarter of 2022. This is alongside a year-on-year rise in the proportion of mortgaged clients, which is up from…

Read more

Arrears levels rise by 11%

Global credit intelligence company, Pepper Advantage has published data on its portfolio of over 100,000 UK residential mortgages, which shows a material rise in borrower arrears. In the year to April 2023, Pepper Advantage saw an increase of 11% in the percentage of residential mortgages in arrears, the highest growth rate since the global Financial…

Read more

More than 750,000 face mortgage default risks

The Financial Conduct Authority (FCA) has warned that more than 750,000 households are at risk of defaulting on their mortgages over the next two years as soaring borrowing costs make payments unaffordable. The financial regulator said that over 200,000 households had already fallen behind on payments by the end of June 2022 – with bills…

Read more

Mortgage arrears figures remain stable but possessions rise

Latest data from UK Finance indicated that third quarter (Quarter 3) figures saw 1% fewer homeowner mortgages in arrears than in Quarter 2. In total, there were 74,440 homeowner mortgages in arrears of at least 2.5%. Pf these, 28,910 were in ‘significant’ arrears – defined as being 10% or more of the outstanding balance.  However,…

Read more