Research highlights ‘homeowner distress’

Figures from the financial comparison firm show that more than 460,000 mortgage repayments have been missed in the last six months at a rate of close to 77,000 per month.

And with the base rate of interest rising from 4.5 per cent to 5.75 per cent in less than a year, MoneyExpert suggests that British homeowners are finding it increasingly difficult to clear debt.

“Missing a mortgage payment is a real signal of distress and anyone in such dire straits needs to address the issue as soon as possible,” said Sean Gardner, chief executive of MoneyExpert.

“Anyone who has missed a mortgage payment should for a start be talking to their lender and letting them know what is going on,” he added.

Earlier this year, the Consumer Credit Counselling Service forecast that homeowners across the UK would be “on the rack” financially throughout 2007.