UK mortgage arrears rise as borrowers feel squeeze, says Nationwide

Building society benefits from high interest rates, with half-year profits increasing to 1.3bn

Nationwide has warned that mortgage arrears are rising as the building society reported increased profits on the back of higher interest rates.

Higher borrowing costs after the Bank of England raised interest rates 14 times since the end of 2021 have caused financial pain for some mortgage holders while benefiting savers.