UK Mortgage Arrears Not as Bad as First Thought

A sustained spike in mortgage-arrears data published by the Bank of England had left home loan providers in the U.K. puzzled. Turns out some lenders were entering incorrect data.

The central bank has asked a number of mortgage providers to resubmit data for some home-loan statistics following a joint investigation with the Financial Conduct Authority, a person with knowledge of the matter said. It found some lenders were overstating arrears by including loans which should not have been added, the person said, asking not to be identified because the probe was confidential.

The BOE now expects to restate the arrears figures when it updates the data in the coming quarters, the person said. Spokeswomen for the central bank and the FCA declined to comment.

Bloomberg

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Craig Erlam

Craig Erlam

Senior Market Analyst - UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a Market Analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam
Craig Erlam

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