Northern Rock home loan debt doubles in 3 months

Northern Rock, the UK’s nationalised home loan provider, announced earlier this week that twice as many of its customers are currently in arrears on their mortgages as was the case three months ago.

According to a report in The Guardian, the lender’s arrears soared from 0.57% to 0.95% during the 12-week period. It was only a few months ago when Northern Rock announced that its arrears were well below average in the industry. The only explanation is that more and more customers are finding it difficult to meet the repayment requirements of their home loans.

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He went further to say, "More difficult economic and market conditions, combined with a shrinking mortgage book, have contributed to increased arrears levels. However, the overall credit quality of the loan book remains at a level assumed in the plan."

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