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FT Advisor: Mortgage default rates increased in run-up to Christmas:

Mortgage defaults jumped in the run-up to Christmas and are expected to get worse going into 2024, according to data from the Bank of England. 

In the statistics, published today (January 18), lenders reported that default rates on secured loans to households increased in Q4 2023. This is also expected to increase further in Q1 2024.

Harps Garcha, Director at Brooklyns Financial, said: "The content of this survey is not surprising given the cost of living crisis and the far higher mortgage rates many households are now on. 

"With more people set to come off ultra-low rates this year, default rates could get worse before they get better."

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