One in ten struggling to pay their mortgage
January 14, 2009
Recent reports have suggested that around 10 percent of homeowners are struggling to make repayments on their mortgages. Industry officials have stated that one in ten homeowners is finding it difficult to make mortgage repayments. The data comes after a survey was carried out into unemployment figures for couth east Essex. This showed that more than seven thousand people in the area were unemployed and were now claiming benefits.
The survey was carried out by YouGov, and the results showed that out of more than two thousand people that were surveyed around 40 percent said that they knew somebody that had lost their job as a result of the economic downturn, resulting in them losing their income and struggling to meet mortgage repayments as well as other financial commitments.
The level of repossession across the UK is set to rise in 2009, with the Council of Mortgage Lenders predicting that repossession levels could increase to 75,000.
Consumers that do think that they will struggle to keep on top of mortgage repayments, and those that are already struggling to make their mortgage repayments, need to contact their lenders as soon as possible to advise them of the situation and see what options are available rather than simply getting into arrears and waiting for repossession action to be taken.
An official from the Citizen’s Advice Bureau stated: “We are seeing more people who are struggling with mortgage and rent payments. We are also seeing more inquiries from people to do with their employment rights. It is important to realise whatever regulations have been announced by the Government, they are not always available immediately.”
- Lenders may be able to flag up struggling borrowers more easily Bad debt levels in the UK have caused huge problems for lenders and finance companies over recent years, and lenders have been increasing stringency and looking for new and inventive ways to not only recoup
- October 2007 saw homeowners struggle with mortgage payments Mortgage payers in the UK encountered a difficult month in October when it came to making mortgage repayments according to recent data from the Council of Mortgage Lenders. High interest rates and property prices, coupled
- Homelessness could be increased through struggles with mortgage repayments According to a recent report the number of people that will find themselves struggling to make their mortgage repayments next year could lead to a rise in the number of people becoming homeless. The Council
- Property website reports loss of three hundred estate agents a month The property website Right Move has recently reported that each month around three hundred struggling estate agents are quitting the service, as the housing market continued to decline and the housing slump affects the estate
- Struggling homeowners to be helped by government According to a recent report the government is to offer help to struggling homeowners who have properties worth up to £400,000 in value. The help is to be offered to homeowners that fall behind on
Comments
Got something to say?