UK mortgages in arrears hit an almost eight-year high in the first quarter of 2024, according to official data that underlines the continuing impact of high borrowing costs on households.
The proportion of total loan balances with arrears, relative to outstanding mortgage balances, rose to 1.28 per cent in the three months to March 31 from 1.23 per cent in the previous quarter, the Bank of England said on Tuesday.
The figure marked a continued reversal of a long-term decline in overdue payments and the highest share since the final quarter of 2016, when it stood at 1.24 per cent, and point to the challenges facing many voters ahead of the general election on July 4.
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