UK Money News
28th May 2008
Sub-prime mortgages arrears on the rise
More and more Britons are falling behind with their mortgages, amid increasing repayment costs and the soaring price of living.
According to figures from ratings agency Standard & Poor's, the number of homeowners with blemishes on their credit records who have fallen by behind by 30 days or more has risen by 20 per cent in the first three months of the year.
Furthermore, ten per cent of those who had been granted home loans in spite of their credit rating are 90 days or more behind.
Standard & Poor warned that the situation is likely to exacerbate in the coming months, with tightened lending criteria meaning that borrowers will encounter more problems when they arrive at the end of the fixed terms of their deals later this year.
News of the report comes as the Council of Mortgage Lenders recently warned that it expects the number of repossessions in the UK housing market to rise to 45,000 this year, compared with a figure of 27,000 for 2007.
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