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Mortgage arrears set to go on rising

A surge in the levels of levels of mortgage arrears is set to continue, says NCI Resources.

The firm, which provides mortgage arrears counselling services for lenders, says the rise in arrears has led to a 10 per cent increase in its business.

NCI says the increase is due to the five rises in interest rates, with borrowers coming to the end of low fixed-rate deals and having to replace them at higher rates.

It adds that many borrowers have overstretched their finances, therefore running out of capacity and failing to meet commitments when hit with extra expenses such as property maintenance bills.

These problems have been compounded because lenders have tightened the rules on remortgages so borrowers in financial trouble cannot use this as an escape route, says NCI.

It says borrowers who cannot remortgage form the bulk of those falling behind with payments.

Director Adrian Bloom- field says: “Past arrears and eviction problems, such as we experienced in the early 1990s, have been set alongside sharp rises in interest rates and significant falls in the value of residential property. The recent increase in the level of arrears is not good news but it has not created any serious major problems.”


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