Missed mortgage payments hit the headlines this week when a survey suggested that one in 25 borrowers had missed a payment to their bank or building a society: equivalent to 770,000 people.
The finding by Citizens Advice suggested the problem of mortgage default was more than six times higher than industry estimates.
But the findings of the survey, based on a sample of 2,057 adults, may have exaggerated the problem.
At the moment the Council of Mortgage Lenders’ data indicates that one in every 105 mortgage-holders is in arrears, equivalent to 112,000 households, up by 9.5% against June 2005.
References: Financial Times 16/09/06 page 3
