Lenders expected to put money aside in second quarter to protect against defaults

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More mortgage borrowers are likely to face financial stress in the months ahead, lenders have warned, as rising interest rates pushed the cost of home loans to the highest level since the 2008 financial crisis.

Executives from some of the UK’s biggest mortgage lenders told MPs on Tuesday that while they had not yet seen a surge in customers falling behind on their monthly payments, that trend could reverse if interest rates continued to rise.

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