Richard Pike, chief sales and marketing officer at Phoebus Software:

“For the mortgage market, we have been through recessions previously and have survived through a mix of tenacity and innovation.

“In this instance, predicting arrears performance, especially in a rising interest rate and inflationary environment against a backdrop of uncertainty, means lenders have some interesting decisions to make on how to prepare for so many unknowns.

“Hopefully, the Chancellor’s Autumn statement next week will provide some substance and clarity against which we can all plan.”