The proportion of struggling prime mortgage borrowers that are at least one month in arrears has risen 50%, the latest report from Standard & Poor's (S&P) has revealed. U.K. Prime RMBS Index Report Q3 2008.
Now reaching 3.24%, the ratings agency's UK Prime RMBS Index Report for the third quarter of the year revealed the percentage of delinquent loans to prime borrowers at the end of September, compared with a year earlier, was at its highest since the firm launched its index in 2000. S&P said that the percentage of borrowers in serious arrears - in which the borrower is 90 days or more overdue with payments - increased to 1.16% of all loans, up from 0.96%. The percentage of serious arrears was lower than the 1.44% reported by the Council of Mortgage Lenders (CML), whose overall index include...
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