The number of mortgage borrowers in arrears fell 1% in the three months to the end of June, new figures from the Financial Services Authority (FSA) show. With 332,700 homeowners unable to keep up their repayments, the total represents a healthy 6% annual decline and leaves the proportion of the UK’s residential loan book in [...]
mortgage arrears
Lenders warned on interest-only mortgages
Lender forbearance over mortgage arrears could result in repossessed homeowners facing greater losses, the Financial Services Authority (FSA) has warned. The regulator is particularly concerned that where a borrower in financial difficulties has their mortgage converted from repayment to interest only, a repayment strategy is in place. It also wants lenders to check that both [...]
