Many consumers are 'concerned they will never be able to afford a mortgage'
Published On 27 February 2008
A growing number of people in the UK think that they will never be able to afford a mortgage and buy their own home, a new report has warned.The latest Personal Credit Index from CreditExpert.co.uk showed that 48 per cent of all adults in the UK who do not already own a home think that they will never get a mortgage and onto the property ladder.
What's more, a concerning eight per cent of consumers said that they were deeply concerned about their ability to pay monthly bills on things like mortgages, loans and credit cards.
"With consumer confidence in borrowing dropping two points in the last quarter amidst concerns of an economic downturn, it's understandable that people are feeling that home-ownership is out of their grasp," commented Darryl Bowman, director of CreditExpert.co.uk.
"Whatever your financial aspirations, making sure your credit report is in the best possible shape is crucial to allow you to be judged fairly by lenders and to be able to extend the amount you can responsibly borrow."
Recent figures from the British Bankers Association (BBA) showed that mortgage lending strengthened a little and rose by £5.2 billion.
