Rise in UK borrowers falling behind on mortgage payments, says Santander

Boss says bank is putting aside more money for potential defaults linked to cost of living crisis

The boss of Santander UK says the bank is putting aside more money for potential defaults linked to the cost of living crisis after seeing a pickup in customers falling behind on mortgage and loan payments.

Mike Regnier told the Guardian that he was keeping a close eye on the strain and pressure" facing customers as a result of the cost of living crisis, which has made it harder for some households to keep up with rising food and energy bills and financial commitments such as home loans.