Northern Rock reveals 80 per cent increase in mortgage arrears
Mar 03, 2009 | Comments 1
Northern Rock (PINK:NHRKF) has revealed that mortgage arrears have increased by 80 per cent. The banks customers are now finding it hard to meet with mortgage payments, and have fallen behind for more than three months.
Northern Rock, the nationalised bank, has said that 17,264 mortgage accounts were now in arrears, which is up from 3,492 at the end of 2007. These figures for Northern Rock are worse than average, and is thought to be due to a large number of self-certification mortgages.
This news could not come at a worse time, and the Council of Mortgage Lenders (CML) has since estimated that more than 75,000 homes will be repossessed in 2009. This is up from 25,900 in 2007. Northern Rock is now working on a mortgage rescue plan, and has said that they will not reposes a property until 6 months mortgage payments have been missed.
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Filed Under: Mortgage News
The increase in arrears at northern Crock is actually 394% not 80%. I can’t say I’m surprised that a Mortgage company is unable to do basic maths…god help your customers.