It would indeed appear that this chap had mental health issues. After arrest, he was detained under the Mental Health Act.
From
The Telegraph:
Services delayed by up to an hour from Waterloo after track trespasserThousands of passengers are facing delays at London Waterloo station after a man walked on to the tracks.
The man was seen on the tracks around 4.40pm when the British Transport Police were called.
Within 40 minutes, the man was secured and was taken to hospital after being detained under the Mental Health Act.
Initially all trains in and out of Waterloo had to be stopped but within an hour of the incident, services began to run but South West trains said on Twitter they expected delays until 10pm on Friday.
National Rail said on their website: ^A trespass incident at London Waterloo has prevented trains moving in and out of this station this evening. All lines have now reopened and trains are on the move. Delays of up to 60 minutes can be expected until 22:00.^
British Transport Police said they arrived at the station where London Ambulance and London Fire Brigade also attended.
South West trains said they would be reducing the number of services running to and from Waterloo and South West Trains passengers could use First Capital Connect, First Great Western, London Overground, Southern, London Buses and London Underground services via any reasonable route.