Mortgage defaults rise at fastest pace since 2009

Mortgage defaults have risen at their fastest pace since 2009. The proportion of banks reporting an increase in missed payments between July and September outweighed the number reporting a fall in defaults by a margin of 43.3%, up from 30.9%, according to Bank of England figures. This is the highest level since the global financial crisis. Lenders warned that defaults will increase further over the coming three months. The problems been compounded by banks cutting mortgage lending to households for the second quarter in a row, the bank said, with further reductions expected before the end of the year. The Telegraph (£)