New Year debt worries for home owners
- AuthorAndrew Leakey
Figures released by Shelter recently made me sit up and take notice.
They say the number of people who are struggling with their mortgage has surged by 78% in the last year. That's the equivalent of nearly three million home owners who are experiencing problems.
This is despite the number of home repossessions going down consecutively over the last 12 months. Many home owners are literally hanging on to their homes by a thread, with the help of record-low interest rates which have reduced their monthly mortgage payments... But that can't last forever and with petrol, energy and food prices all on the ascent, and VAT set to increase in January, we are going to see more people at risk of losing their homes.
My advice to home owners who are already struggling to keep up with mortgage repayments is to contact your lender straight away. Explain your situation and how you are going to resolve it. Ignoring the situation will only make matters worse.
There are various options open to people such as re-mortgaging the home and consolidating debts, repossession should always be a last resort.
If you need advice or are facing repossession, talk to us. We can help: 0800 694 0189, or complete an online enquiry form.
By repossession Partner, Andrew Leakey