« Back to articles
This article is for information only. It does not constitute advice. Chase Saunders Ltd does not provide services for savings, investments, mortgages or insurance. You should seek advice on these areas from a qualified financial advisor.
Younger adults struggle with mortgage
Article Category: Debt Consolidation Help and AdviceMortgage-payers aged between 25 and 34 are the most likely to put themselves in danger of repossession by missing mortgage payments, according to a price comparison website.
MoneyExpert.com says that this reflects "the difficulties" experienced by first time buyers who are trying to scramble up the property ladder.
Research undertaken by the site shows that, across the board of all age brackets, around half a million financially stretched borrowers missed a
mortgage payment in the last six months.
Some 463,000 debtors have failed to meet a mortgage payment deadline since July 2007 - around four per cent of the 11.8 million mortgages outstanding.
Sean Gardner, chief executive, said: "Missing a mortgage payment doesn’t incur an automatic charge like failing to pay your credit card bill.
"But it is a sign of real distress as keeping a roof over your head should be the priority for most of us."
He concluded by saying that it was clear borrowers were "feeling the strain of successive interest rate hikes" and advised that if they were struggling they should take action, such as letting their lender know, sooner rather than later.
For more information about debt consolidation call our advisors on 08000 122 118 for FREE, no obligation help and advice. Created on 21/01/2008 12:37:17
Debt News
Debt News Archive