The building society said the cost of living crisis and recession will cause a relatively low number of customers to default on repaymentsNationwide Building Society is bracing itself for a rise in bad loans and a drop in mortgage lending as borrowers grapple with the impact of surging living costs and a long recession.The UK’s second-largest mortgage lender said that while few borrowers had fallen behind on loan payments so far, it put aside £108m to cover potential defaults in the first half of the year. That compared with the £34m it released due to improving conditions during the same period in 2021, when the country was recovering from the Covid pandemic. Continue reading…
Source : theguardian.com
Read more…Nationwide sets aside safety net for bad loans as borrowers face surging costs
