A quarter of Brits worried about repossession of their homes
23rd Oct 2012
A quarter of the British public are worried that they could have their UK property repossessed as a result of not being able to afford their monthly mortgage payments, a new report has discovered.
The most concerned group, according to consumer group Which? is those who are aged between 30 and 49 and have recently purchased their house, as they become mortgage prisoners among high rates of interest.
The study found that the average weekly costs of these homeowners amount to around £186; far higher than the UK average of £135.
According to Which?, these sort of issues have now left 26 per cent of people concerned that they will lose their home, with many fretting that their failure to pay their mortgage on a monthly basis may leave them homeless.
It was also discovered that there are worries that first-time buyers simply cannot find a way onto the property ladder. At the moment, these buyers face mortgage deposits of £26,000 just to be able to purchase a house.
Which? executive director Richard Lloyd said: "The housing market is failing not just one but two generations of consumers, with many mortgage prisoners trapped on their current deal and young people excluded from the housing market altogether. "
Posted by Staff Writer: Frances McDonald
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