Half of shared ownership mortgages in arrears
Across 15 local authorities that provided figures, the average rate of distressed debt among the loans advanced by county and city councils is 44 per cent
Almost nine out of ten loans in a government sub-prime mortgage scheme are under water in some parts of the country, a Sunday Business Post analysis has revealed.
The loans, which were originally advanced as part of a boomtime affordable housing plan called the Shared Ownership Scheme (SOS), become distressed at a rate four times higher than ordinary mortgages.
Across 15 local authorities that provided figures, the average rate of distressed debt among the loans...
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