People using credit to pay mortgage 'terrifying'
It is "frankly terrifying" that some one million Britons are reliant on their credit cards when paying their mortgage or rent, one sector commentator has stated.
A recent study by Shelter revealed six per cent of people said they paid for their home using their credit card in the last year - suggesting a national figure of more than a million people.
Commenting on the research, Chris Jenkins, co-owner of the Homeowners Advice Centre, said it was worrying so many people had to resort to plastic in order to pay for their accommodation.
"Although it may seem like a solution to debt problems, in the long-term this only adds to people's financial problems as payments build up and credit inevitably runs out leaving the individual in a much worse position," he added.
Mr Jenkins explained if people's outgoings are exceeding their incomings they should seek further financial advice.
Britons struggling to pay for a mortgage may find flats to rent in Hammersmith of another part of London are a more affordable solution, particularly as property prices in the capital tend to be higher than elsewhere in the UK.
Written by Martyn Glynn
Published 14th January, 2010
© 2010 Estates IT Limited
London Rental Property News By London Borough / Category
Latest London Property News Headlines
Barking Splash Park opens this weekend
Barking Splash Park will be free to use this weekend (May 25th-27th) to mark its opening.
Read Article ... Published on 24th May, 2012
Southwark estates to get cheaper energy bills
Residents in Southwark can look forward to cheaper energy bills thanks to the creation of a new underground green network.
Read Article ... Published on 23rd May, 2012
Enfield £1.3bn masterplan unveiled
A masterplan has been unveiled that will see a 200-acre site in Enfield regenerated as part of a £1.3 billion plan.
Read Article ... Published on 23rd May, 2012
Londoners encouraged to grow their own fruit and veg
People in London are being encouraged to grow their own fruit and vegetables.
Read Article ... Published on 22nd May, 2012
Merton 'embraces green improvements'
Merton is now a cleaner, greener location to live in thanks to the implementation of the Wandle Valley Low Carbon Zone (LCZ).
Read Article ... Published on 22nd May, 2012
London house prices rise by 1,782% in past 35 years
London house prices have increased by 1,782 per cent in the last 35 years.
Read Article ... Published on 21st May, 2012
Poplar's Chrisp Street to get £100m regeneration
Some £100 million is to be spent regenerating the Chrisp Street area of Poplar in Tower Hamlets.
Read Article ... Published on 21st May, 2012
Putney community hall gets £150k refurb
Newlands Hall in Putney Vale, Wandsworth, has reopened after undergoing significant refurbishments.
Read Article ... Published on 18th May, 2012
Harrow cycling and walking routes improved
Extensive improvements have been be made to the cycling and walking routes in Harrow.
Read Article ... Published on 17th May, 2012
Norwood Park gets outdoors gym installed
An outdoor gym has been installed in Norwood Park in an effort to encourage more people to take up exercise.
Read Article ... Published on 16th May, 2012
The news that many Britons rely on their credit cards to pay their mortgage has been deemed "frankly terrifying" by one sector commentator, although choosing flats to rent in London could see people saving money.