Thousands of Britons 'missing mortgage payments'
Posted: 13 Sep 2006 11:13:31 GMT
Thousands of Britons are struggling to keep up with their mortgage payments each month, according to a new report.
Research by charity Citizens Advice found that around 770,000 people have missed one or more mortgage repayment in the past year, with many facing losing their homes as they struggle with debt.
More than a tenth of respondents to a poll by the national organisation said that they did not believe that missed repayments threatened their home, though this is not the case.
Citizens Advice warns homeowners to tighten their belts and consider taking on additional borrowing very carefully before applying for extra credit, particularly if they are already servicing a mortgage.
The survey of more than 2,000 adults indicates that younger people are most likely to miss mortgage repayments and some homeowners are finding themselves struggling as soon as they take on a mortgage.
Citizens Advice chief executive, David Harker, commented: "Missing payments on mortgages or secured loans could lead to arrears and possibly repossession. There is a clear need for more information and advice about the consequences of taking on financial commitments, particularly for younger adults."
Inflation in Britain has risen steeply in recent months and soaring energy and utility prices have placed a financial squeeze on many homeowners.
Those falling behind in mortgage payments or at risk of doing so should inform their lender immediately and answer any letters they receive, particularly court papers.