Northern Rock customers 'struggling with mortgage debt'
Northern Rock customers 'struggling with mortgage debt'
Tuesday 5th August 2008
New trading figures from the lender show that the proportion of its mortgage customers in arrears has now hit 1.18 per cent.
This compares with just 0.38 per cent 12 months ago.
It is thought that the increase is down to the soaring living costs being faced by homeowners, which have heavily impacted on their ability to repay their home loans.
News of the rise in struggling mortgage holders follows a prediction from the Council of Mortgage Lenders that the number of home repossessions across the UK will hit 45,000 by the end of the year.
In turn, debt management companies expect a rise in customers approaching them for debt advice over the next 12 months as borrowers look to stave off lenders seeking to take back their homes.
Debt1, official website of Byrom & Keeley - Experts in Debt Management
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