Half a million mortgage repayments missed
Published On 21 January 2008
Almost half a million homeowners have failed to meet a monthly mortgage repayment in the past six months.That is according to recent research conducted by independent financial comparison service MoneyExpert.com, which concluded that around 463,000 people in the UK have missed a monthly repayment since July last year.
The website suggested that Christmas spending may have contributed to the number of missed repayments.
It also noted that those aged between 25 and 34 were the most likely to have missed mortgage repayments, with young first-time buyers struggling to get themselves on the property ladder.
Commenting on the findings, Sean Gardner, chief executive of MoneyExpert said: "It's clear that many homeowners are feeling the strain of successive interest rate hikes but if the result is that you can't pay your mortgage then you should take action immediately.
"If you are struggling to afford the repayments then now is not the time to stick your head in the sand. A phone call to your lender can ease the pressure enormously," he advised.
