100,000 may lose their homes if mortgages rise by £20 a month
Debt charity, the Consumer Credit Counselling Service, has warned that household finances are extremely difficult for many borrowers. According to their latest report, lenders would only have to raise mortgage repayments by £20 a month for 100,000 borrowers to find payments unaffordable.
The Consumer Credit Counselling Service said many are already struggling with overdue bills and cards while just about coping with house repayments. Una Farrell of the CCCS is quoted as saying: "For hundreds of thousands of homeowners across the country the margin between being able to pay their mortgage and falling into arrears is now as little as £20.
"Just a tiny increase in their monthly repayment costs could send many over the edge, and into serious debt problems. Many are just clinging on at the moment. If the eurozone situation worsens it will have a direct impact on them. "A £20 rise would mean they could no longer keep up their Ârepayments and fall into arrears.
Ultimately, it is these people who could end up losing their home." May 25, 2012
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
