First-time buyers (FTBs) across Britain are struggling to cope with their debt management pressures more than they ever have before, it has been claimed.
According to a report from Shelter, the average monthly mortgage payment rate has risen at more than three times the pace of typical wages among British households, which has left millions of consumers in dire straights.
To compound the already desperate debt management problems of many people, money lenders have increased their mortgage rates even as house prices begin to fall, the homelessness charity has maintained.
“Buying a home has now become a distant, unaffordable dream for millions of first-time buyers, while thousands of others are facing repossession and homelessness,” said chief executive of Shelter Adam Sampson.
The average British household now pays out around £3,700 on an annual basis to service the interest on their debts, according to figures compiled by Credit Action.