Homeowners 'falling into arrears'
A growing number of people who have purchased property are facing difficulty paying off their mortgages, it has been noted.
The Council of Mortgage Lenders has revealed that over half a million Britons are likely to fall behind on payments this year, as their debt mounts up.
And Citizens Advice noted that it saw a 46 per cent increase in enquiries relating to secured loans and mortgages between April and December of last year, compared to 2007 levels.
Commenting on the statistics, chief executive of housing charity Shelter Adam Sampson remarked: "As the credit crunch continues to bite, the reality is that more and more homeowners will struggle to keep up with their mortgage payments this year."
Those hoping to live in London but avoid such problems may prefer to rent a house or flat, particularly as the Intermediary Mortgage Lenders Association has found that 58 per cent of potential first-time buyers have been unable to obtain funding.
Published 20th February, 2009
© 2009 Estates IT Limited
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A growing number of people who have purchased property are facing difficulty paying off their mortgages, it has been noted.