Spotted by Lola in Money Age:
Payment deferrals keep mortgage arrears at historic low levels
… Commenting on the data, PRIMIS Mortgage Network proposition director, Vikki Jefferies, said: “Today’s continued low levels of arrears reflects the fact that the industry has managed to protect those customers who have been most affected by the pandemic. There is no doubt that government schemes such as furlough and the Coronavirus Business Interruption Loan Scheme (CBILS), combined with payment deferrals from lenders, have supported customers and the market during this difficult time.
“As these support schemes come to an end, however, it will be vital to provide proactive and sustained support for brokers. The housing market has been a driving force behind the UK’s economic recovery from the coronavirus crisis, but it’s important to note that the long-term impact of the pandemic may not yet be visible and there remain a number of borrowers who faced financial difficulty pre-pandemic who have continued to build up arrears through the crisis.”
“supported customers and the market” means “kept house prices high and rising”, of course.
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