Is new year the hardest time to keep a home?
While the festive season may see many Britons splashing out on celebrations and gifts and relying on credit to do so, once the bills begin to mount up, the situation could become difficult for homeowners.
Such is the assertion of Chris Jenkins, co-owner of the Homeowners Advice Centre, who revealed that many people bury their head in the sand during the run-up to the Christmas holidays by relying on their credit cards.
"As soon as the bills start to hit in January and February, that's when we have found that our inquiries have spiked, because people have over-extended themselves slightly," he added.
Factor in issues such as unemployment and homeowners could be increasingly likely to seek professional debt advice, Mr Jenkins warned.
Britons may wish to consider flats to rent in Shoreditch or another part of London if they are concerned about how they will meet mortgage payments following the festive season.
The Council of Mortgage Lenders has claimed there were 11,700 properties repossessed in the third quarter of 2009.
Written by Charles Mackay
Published 29th December, 2009
© 2009 Estates IT Limited
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Overspending during Christmas can mean Britons find it increasingly difficult to stay in their home come the new year as bills mount up, it has been suggested, which could prompt people to consider renting a property.