UK: Over 1 million struggling to repay their mortgage

A report from mortgage broker and adviser, London & Country (L&C) Mortgages, has shown that 1.4 million households across the UK are struggling with mortgage repayments, while 2.6 million claim their monthly repayments are too high.

The report also revealed that 58% of homeowners have never re-mortgaged to search for a better deal, while 2.5 million are compelled to cut back drastically on their spending to meet mortgage payments.

David Hollingworth of L&C Mortgages said: “The fact that people have been making cuts in order to cover mortgage payments indicates how people feel they are ‘just about managing’ in many aspects of their lives.” He added that while many are struggling, they are not taking the necessary actions in order to manage their mortgage.

RFi Group’s UK Mortgage Council data from Q1 2017 echoes these findings, showing that 11% of mortgage holders believe they will struggle to repay their mortgage over the coming 12 months, with 56% of these borrowers concerned about the rising cost of living.

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