Mortgage arrears fall 3.1% as govt support ends: UK Finance

11 November 2021

Mortgage arrears fell by 3.1% to 74,210 in the third quarter of the year, as government pandemic support for household incomes remained in place until the end of September.

There were 2400 fewer mortgages in arrears of 2.5 per cent or more of the outstanding balance, as households were able to draw on the  Coronavirus Job Retention Scheme (CJRS), according to data from UK Finance.

The banking body says this level of arrears are “near historic lows”.

Between March 2020 to September 2021, the CJRS covered up to 80 per cent of the wages for as many as 11.7 million employees who had been furloughed due to Covid-19, with reductions in the percentage paid during the final few months.

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Mortgage Strategy