Mortgage aid just a pittance
Published 18/11/2010 | 07:37
IT is a tough time for those on big mortgages but despite the horrific economic circumstances the vast majority are managing to meet their commitments. New figures confirmed that around 40,000 homeowners have now fallen behind on their repayments. Technically they are in arrears when they fall three months behind. Financial Regulator Matthew Elderfield warns that arrears levels are likely to get worse.
He said: "We think it will get worse before it gets better. But it definitely will not reach Morgan Kelly levels of 100,000 or higher."
That is an important statement from him because the figures mooted last week were both startling and frightening.