Mortgages in financial hardship up 10 percent in April, tipped to rise over coming months

Mortgages in financial hardship up 10 percent in April, tipped to rise over coming months - credit report
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The number of mortgage borrowers experiencing financial hardship increased by 10 percent in April - and that number could rise, a new report shows.
The April Centrix Credit Indicator Outlook released on Tuesday, shows 11,900 mortgage accounts were flagged as under financial hardship, up 1100 (10 percent) month-on-month. This followed the end of the mortgage holiday scheme on March 31.
Under the mortgage holiday ('mortgage deferral') scheme, borrowers experiencing financial hardship could pause their loan principal and interest payments while they got back on their feet. Initially for six months, the scheme was extended a further six months and ended on March 31. Over the holiday period, interest costs accrued were added to their loan balance.

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