Homeowners around the UK are feeling the strain of their debt management difficulties and are struggling to meet mortgage repayment demands, it has been suggested.
According to MoneyExpert.com, almost half a million mortgage repayment demands have been missed over the course of the past six months as households continue to face financial pressures.
The price comparison firm maintains that the figures were impacted by the widespread financial problems resulting from an expensive festive period and reports that younger homeowners are among those most likely to be missing monthly mortgage repayments.
Sean Gardner, chief executive of MoneyExpert.com, said: “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. ”
Last week, Karen Beavis writing for MoneyExpert.com warned that leaving bills unpaid can have a negative impact on an individual’s credit rating.