Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Mortgage arrears up sharply with landlords hardest hit

by November 9, 2023
November 9, 2023
Mortgage arrears up sharply with landlords hardest hit

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.

Read more:
Mortgage arrears up sharply with landlords hardest hit

0
FacebookTwitterGoogle +Pinterest
previous post
Rail strikes could end as RMT agrees deal with train operator
next post
Another Fiscal Commission Model? The Greenspan Commission Was a Failure

You may also like

Getting To Know You: Andy Howard, CEO of...

July 31, 2024

Top Challenges in International Debt Collection and How...

January 20, 2025

UK braces for even higher bills as Norway...

August 9, 2022

TikTok fined £296m by watchdog over how it...

September 15, 2023

The billion-dollar anime market – an opportunity for...

October 21, 2022

Cyber attacks on UK firms fall during the...

October 11, 2022

US Postal Service restarts China deliveries as Trump...

February 6, 2025

Rachel Reeves first Labour Budget in 14 years...

October 30, 2024

Moët hails new ‘roaring 20s’ as wealthy drain...

November 16, 2022

4 Facts About Non-GamStop Gaming You Might Not...

August 8, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, 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 © 2025 futureretirementsuccess.com | All Rights Reserved