Posted 12/11/2023, 7:00:00 AM
Mortgage Arrears to Hit 8-Year High in 2023 Amid Rising Rates and Cost of Living Squeeze
- Mortgage arrears expected to reach 8-year high in 2023 due to higher interest rates and cost of living crisis
- 105,600 mortgage holders forecast to fall behind on payments this year, up 30% from 2022
- Arrears projected to rise further in 2024 and 2025 before improving in 2026
- Repossessions also set to increase 16% next year to 5,100
- Landlords and buy-to-let mortgages facing steeper declines than residential mortgages