Commenting, Matthew Bullock, chief executive of N&P, said: “Because of its conservative and affordability-linked lending policy, N&P was pleasingly less affected than most lenders in the level of arrears amongst our mortgage borrowers. At the end of the year, residential mortgage borrowers in serious arrears amounted to only 0.83% of accounts; this compares with an industry average of 1.81% (Source: Council of Mortgage Lenders) and well below the rating agencies’ forecasts.”
