According to UK Finance, more homeowners are having difficulty paying their mortgages. In Q2 of 2023, 81,900 mortgages were in arrears of 2.5% or more of the outstanding balance, a 7% increase from the previous three months.
The last 12 months have been challenging for many households as they struggle to cope with factors beyond their control.
Some have resorted to unsecured credit, while others are doing their best to keep up with their mortgage payments.
Interested to hear feedback from mortgage brokers
- Are you seeing this as a common trend?
- Do you feel clients are informed well enough of signposted help, from mortgage advice, debt advice, health/mental advice and lender helplines?
- Do you see the remainder of 2023 and all of 2024, worsening arrears trends?