The total number of loan accounts in arrears has been steadily increasing since early 2007, the latest FSA mortgage lending data shows.
The data, covering the period between Q1 2007 to the end of Q3 2008, shows there were 340,000 loan accounts in arrears, an increase of 10% since Q2 last year 2008 and a rise of 24% on a year earlier. The regulator says the proportion of the residential loan book in arrears, and hence not fully performing, rose to 2.92% at end Q3 2008, up 0.37% in the quarter and 0.79% on a year earlier. The number of new possessions has also grown significantly since Q3 2007, with 13,161 new cases in Q3 2008 - 92% higher than a year earlier. According to the FSA, the total value of outstanding loans in ...
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