Moody's Investors Service in its latest index report for U.K. nonconforming mortgages said that, over the coming quarters, two factors will drive deliquency levels up: 1) borrowers who are coming off of their fixed interest mortgage rate period and experiencing payment shock and 2) the lack of refinancing options.

According to the report, weighted-average delinquencies were subject to their biggest increase since 4Q04. "

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