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Owner Occupier figures drop again
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Millions Fear Missing Mortgage Or Rent Payment In January According To Shelter
January 9, 2015
So Christmas and new year is now over and reality is now kicking in for millions of people as to how they will pay the bills they have racked up over Christmas with presents, entertaining and going out.
How many people does this affect, well according to Shelter over 3,000,000 households in the UK will struggle to pay either their rent or mortgage in January that’s 1 in 9 households.
Many people get carried away over Christmas with little or no thought as to what will happen in January when the bills come in and need to be paid. A single missed mortgage payment can easily spiral out of control if left unresolved, with banks seemingly caring less about working with debtors than in recent years, willing to repossess houses now that they are rising in value exponentially.
Let’s not forget that this is at a time when base bate of the bank of England has remained at an historic low for over 5 years and can only go one way and this is upwards. Most experts believe that a rise in interest rates this year is inevitable particularly after the May election when any new government has 5 years before they need to worry about popularity with voters.
Legal and General Mortgage Club stated that rates “..will rise sooner rather than later”
60% of people say they would struggle when interest rates rise and missing mortgage payments still has a stigma which people are unwilling to talk about to get help.
The Money advice service says that a 1% rise in the rates would push the average up by £90 a month pushing some families over the edge into arrears.