Thursday 11th of November 2010
Those people struggling to meet their mortgage repayments may consider asking individual voluntary arrangement questions after a survey revealed almost one in five Brits are constantly struggling to pay off their mortgage.
The study, carried out by YouGov, found over the last two years the number of Brits with arrears of over 12 months has trebled, with repossession levels being recorded as similar to those that were witnessed in the mid-1990s.
Campbell Robb, chief executive of Shelter, said: "With potential interest rate rises, higher unemployment and steep increases in food and fuel bills on the horizon, it seems unlikely things are about to get easier for homeowners any time soon."
He noted the statistics show how difficult the past year has been for homeowners, as thousands of people are only just managing to hang on to their property.
The Consumer Credit Counselling Service recently observed that as a result of being unable to meet their mortgage repayments, there are more people contacting it who do not have a current fixed address.
By Neil Burton
