Pressure grows as half a million miss mortgage payment

22-Jan-2008

Pressure is growing on Britain's homeowners with close to half a million having missed a mortgage payment in the last six months of 2007.

Figures from the personal finance website MoneyExpert.com revealed that 463,000 people were unable to meet at least one mortgage payment between July and December.

The figures will serve as a stark warning to first-timer buyers about the cost of running a home.

Interest rates increased by 0.5 per cent over the course of 2007, while utility bills and home insurance were also on the rise.

"Missing a mortgage payment doesn't incur an automatic charge like failing to pay your credit card bill," said Sean Gardner, chief executive of MoneyExpert.com.

"But it is a sign of real distress as keeping a roof over your head should be the priority for most of us.

"It's clear that many homeowners are feeling the strain of successive interest rate hikes but if the result is that you can't pay your mortgage then you should take action immediately," he added.

The daunting cost of buying their first home could see many first-time buyers turn to parents or friends to help reach the bottom rung on the property ladder this year.

Credit crunch to hit individuals No rate cut dividend for fixed mortgages


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