PM quizzed over housing debt woes

Many Brits are taking out housing loans that can often put them at risk of debt management disaster, Merseyside MP Ben Chapman suggested to the prime minister.

Mr Blair said he considered the issue to be of “crucial” importance and argued that to help people facing this kind of debt management problem, more social housing and shared equity schemes need to be made more widely available.

Peter Tutton, social policy officer at Citizens Advice, commented: “Large mortgages can leave people with less room to maneuver if things go wrong.

“[We] are seeing a marked increase in cases where clients have taken on a mortgage but soon afterwards found themselves struggling with the repayments.”

Meanwhile, Brits look set to face more financial pressures following the most recent inflation figures, as a further rise in the cost of borrowing is now widely expected next month.