Problem loans on Northern Rock’s mortgage book have almost doubled in just six months as the poor quality of the former management’s lending continues to unwind.

Some 3.67% of customers were three months or more behind on their payments at the end of March, compared to 2.92% in December and 1.87% in September. By comparison, the industry average is 1.88%, according to the Council of Mortgage Lenders.

Daily Telegraph

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