It’s grim up north, says Moody’s

the north
By Tom Porter
31 Mar 2015

The UK’s much maligned north-south divide extends to the mortgage market, Moody’s has shown with a report that suggests northerners are twice as likely to become “mortgage prisoners” than borrowers in other regions.

Around 75% of non-conforming borrowers in north England and Northern Ireland who took out interest-only loans in 2007 are now mortgage prisoners — unable to refinance or move house because they fall outside lending criteria.

The UK housing market, which will be a key issue in the looming ...

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