Hard times not easing much for mortgage borrowers

More than 21,300 home loans were past due, or 1.42% of the active credit population, in October.

While these figures are still historically low, they are 10% higher than in October last year.

The number of financial hardship cases rose by 20% year on year. Of these, 46% relate to mortgage difficulties, 30% to credit card debt, and 15% to personal loan repayments.

Although the overall rate of growth in hardship cases is easing, Centrix managing director Keith McLaughlin states that they are still significantly higher than last year.