New Bank of England figures have revealed an alarming surge in mortgage arrears which has triggered fears of a rise in repossessions.
The value of outstanding mortgage balances with arrears is over 50 percent higher than it was a year ago.
At the same time, the proportion of mortgages that are in arrears is at the highest level for more than seven years.
The figures have triggered pleas to the Bank of England for an immediate cut in the base rate to help those struggling to keep a roof over their head. Financial experts Discuss:
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Link to Original Article: Daily Express - Mortgage arrears surge by 50.3% in just one year sparking home repossession fears