Homeowners ‘struggling as rate rises bite’

Figures from mform.co.uk show that more than two million British mortgage borrowers are facing debt management difficulties as a result of the series of interest rate increases.

And the online mortgage firm is convinced that young borrowers – those aged between 18 and 34 – are most likely to feel the effects of the base rate rises as they try to get a foot on the first rung of the UK’s housing ladder.

Eamonn Rice, mform.co.uk’s chief executive, said: “Many first-time buyers either use all or most of their savings for a deposit or take out 100 per cent mortgages and have loans that are a huge multiple of their income.

“In a period of rising rates, it is now especially important to shop around for a competitive mortgage.”

Earlier this year, a report from the Consumer Credit Counselling Service forecast that millions of British homeowners would be “on the rack” financially throughout 2007.


Tell others:


By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.