Lenders expect more households 'to default on mortgages in next few months'

More households are expected to default on their mortgage payments and other loan commitments in the next few months, according to a Bank of England survey of lenders.
Default rates on mortgages and other types of non-mortgage lending such as credit cards and personal loans are predicted by banks and building societies to increase in the first quarter of 2021, the Bank’s Credit Conditions Survey found.
Lenders also reported that the lengths of interest-free periods on credit cards for balance transfers decreased in the final months of 2020, and were expected to decrease slightly in the next few months.
The survey was carried out from November 23 to December 11 2020.

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