Prime mortgage arrears worst for eight years

Prime mortgage borrowers, at least one month in arrears, have risen 50 per cent to 3.24 per cent of prime loans by the end of September compared with a year earlier. The figures, from Standard & Poor’s meant that combined with falling house prices will put pressure on prime ratings for the first time. The percentage of borrowers in ‘serious’ arrears – defined as 90 days or more overdue, increased to 1.16 per cent of all loans, up from 0.96 per cent.