Survey reveals rise in mortgage struggles
According to housing charity, Shelter, there has been an increase in the number of mortgage holders who are struggling to meet their monthly repayments.
A survey carried out by YouGov shows that three million people are struggling each month with their mortgage repayments – a staggering increase of 80% compared with a year ago.
Worryingly, as inflation remains stubbornly high, together with high unemployment and hikes in interest rates expected, the situation is not expected to improve.
The figures come on the same day the Council of Mortgage Lenders will release its third quarter repossession figures.
However, many homeowners have been saved from repossession, due to historically low interest rates, which drove monthly mortgage repayments down.
Meanwhile, commenting on today’s figures, Campbell Robb, the chief executive of Shelter, believes that action is required urgently or there could be a drastic increase in the number of people that face the prospect of losing their home in the coming months.
YouGov polled 2,234 people during August for Shelter.