Owner-Occupier and Landlord Mortgage Arrears Increase
The recent economic downturn has had a significant impact on the mortgage market, with both owner-occupiers and landlords experiencing an increase in mortgage arrears. This is a worrying trend that could have a long-term impact on the housing market, as well as the wider economy. Owner-occupier mortgage arrears have risen significantly since the start of the pandemic, with the number of households in arrears increasing by over 50% in the first quarter of 2020. This is largely due to the fact that many people have lost their jobs or seen their incomes reduced, making it difficult to keep up with their mortgage payments. In addition, the government’s furlough scheme has been extended until April 2021, meaning that many people are still uncertain about their financial future. The situation is...