Some 21.73 per cent of so-called 'nonconforming' deals saw missed payments in the first three months of 2008.
This is up from 19.41 per cent in the final quarter of 2007, according to research from rating agency Standard and Poor's. Furthermore, 10.6 per cent of subprime mortgage deals have seen arrears of 90 days or more. The figures also highlight that more than £7bn worth of loans are at risk of default unless lenders agree to modify the loan terms.

Full story: myfinances.co.uk