Revealed: Great Britain’s arrears hotspot
The UK’s largest third-party servicer of mortgages revealed that one in every 51 residential loans (1.96%) in the capital is in arrears by at least a month compared with one in every 73 (1.37%) nationally.
Those in Wales were the second most likely to be in arrears, followed by homeowners in the North West.
Homeowners in Greater London are also twice as likely as landlords in the capital to be behind on payments, with one in every 106 (0.94%) buy-to-let mortgages in the capital being in arrears.
However the arrears figure for landlords is highest in Wales and Scotland where 1.41% and 0.95% of buy-to-let mortgages are in arrears.
Andrew Jones, chief executive officer at Computershare Loan Services, said: “When mortgages fall into arrears, problems can arise for borrowers, lenders and tenants, so loans must be administered in a way that takes into consideration the individual circumstances of every customer.
“Computershare Loan Services prevents and reduces arrears by using advanced analytical systems to predict problems and facilitating support for those who need it.”
Computershare Loan Services services over £71bn of mortgages and loans, which represents over half of the outsourced mortgages in the UK.