Mortgage arrears higher in the North

Mortgage arrears for homeowners in the north of England are around 30% higher than in the south, according to latest figures from Standard & Poor’s ratings services.

The overall proportion of borrowers in arrears rose to 3.8 per cent in the fourth quarter of 2011, up from 3.2 per cent in the second quarter of 2010.

However, the rate of mortgage arrears in the north of England was 4.4%, by comparison with 3.4% in the south.

The number of people in negative equity – where their home is worth less than their outstanding mortgage – has also risen overall, from 3.6% to 5.6%.  This figure is again higher for the north, at 8.5%.

For more on this story, see:  http://www.credittoday.co.uk/article/13819/online-news/mortgage-arrears-higher-for-northerners