Overdue mortgage payments on the rise

Overdue mortgage payments on the rise


New figures from Standard and Poor’s show that more than one fifth of UK home owners with a poor credit history are behind on their mortgage payments. Even those with a good credit history have seen a rise in defaulting payment.

Standard and Poor’s said mortgage delinquency rates for the first quarter of 2008 were 2.41 per cent while payments 90 days or more overdue were 0.79 per cent. S&P said this represents a “sharp” rise in comparison to the previous quarter when figures were 2.11 per cent 0.62 per cent respectively.

While S&P say that these figures have been seen in previous years, they note that rising house prices will add to the problems of homeowners.

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