Mortgage repayments 'coming under strain'

03/02/2009

The number of people missing at least one payment on their mortgages has gone up by 95 per cent in the last year.

According to MoneyExpert.com, over 900,000 people - one in 12 of all mortgage holders - did not pay for one or more of the six months in the second half of 2008 as the economic conditions got worse.

Over the same period in 2007, this total stood at just 463,000.

Commenting, Kevin Still at EuroDebt said: "The research reflects the figures we have recently published with a 109 per cent year-on-year increase in the number of homeowners joining Debt Management Plans, with 21 per cent of our new clients having arrears on their mortgage and rent.

"Our priority is to try and stabilize the critical payment and present reasonable offers to mortgage providers and letting agents that allow repayment of arrears and to protect clients from re-possession or eviction. Consumers need to recognise the importance of meeting priority payments in preference to just repaying unsecured creditors if there is a budget deficit."

Tags; Housing Debt and Bills, Young Family Finances, Credit Card Lifestyle,

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