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The Guardian - UK
The Guardian - UK
Business
Julia Kollewe

Bank of England warns mortgage defaults to rise in months ahead

Bank of England Myron Jobson United Kingdom Royal Institution of Chartered Surveyors
The Royal Institution of Chartered Surveyors has said homeowners will struggle to keep up with mortgage payments and repossessions will rise next year.
The Royal Institution of Chartered Surveyors has said homeowners will struggle to keep up with mortgage payments and repossessions will rise next year. Photograph: kali9/Getty Images

The number of mortgage defaults are expected to rise in the coming months, according to Bank of England data released on Thursday, while the number of new loans will continue to fall amid warnings that the “golden era” of cheap deals is ending.

The UK central bank’s latest quarterly credit conditions survey paints a gloomy picture, with the number of mortgage deals already falling before the chancellor’s mini-budget on 23 September.

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