Belfast Telegraph

North-south jobs split blamed for loan arrears

A rise in mortgage arrears and negative equity in the north of Britain were blamed on the UK's growing north-south jobs divide.

Mortgage borrowers in the north were 35% more likely to be behind with their payments at the end of March, according to a survey of 1.5m loans by ratings agency Standard & Poor's (S&P), up from 25% nine months earlier. Northern homeowners have also seen much steeper rises in negative equity than those in the south.