Mortgage struggles increasing debt concerns?

The number of people suffering debt concerns could be heightened due to increasing mortgage struggles up and down the country, new figures have suggested.

Released by housing charity Shelter, the research revealed the number of individuals who are finding it difficult to pay off their home loan has leapt by 78 per cent in the past year.

Carried out by YouGov, the survey included 2,000 Britons and claimed to have highlighted the extent of the problem.

It means three million homeowners are not coping well with their mortgage, which is the equivalent to one in six.

Moreover, 18 per cent of those questioned said they are in a constant battle to pay what they owe on their property – a marked rise from the ten per cent recorded at the same time in 2009.

The charity stated figures due to be released soon by the Council of Mortgage Lenders are expected to reveal thousands of residents are still losing their homes every month.

Furthermore, repossession levels remain at the highest annual amounts seen since the mid-1990s, while the number of Brits already in more than 12 months of arrears has more than trebled in the last 24 months.

Campbell Robb, chief executive of Shelter, said: “Clearly this shows what a difficult year it has been for many homeowners, with thousands of people literally hanging on to their homes by the skin of their teeth.”

Moneysupermarket.com recently claimed households in Britain are squandering a combined £4 billion a year by failing to switch their energy providers in order to attain a more suitable deal.

By Amy White