Mortgages arrears show sharp rise
Arrears and repossessions among prime mortgage borrowers jumped sharply in the second quarter, according to a report by Moody’s which suggests that home loans are deteriorating even among borrowers with good credit records.
Mortgages held by Granite, the securitisation vehicle of Northern Rock, had the second-worst performance of those studied by Moody’s.
The credit rating agency examined the performance of more than 14 mortgage securitisations representing billions of pounds of home loans issued by Britain’s biggest banks.
