Brits struggle to understand mortgages According to National Homebuyers

New research from Nationwide has highlighted a worrying problem among Britons.

[UKPRwire, Tue Dec 04 2007] The firm has revealed that many people are unable to work out the monetary difference between a £120,000 mortgage with an interest rate of 5.6 per cent and one with a rate of 6.6 per cent.

It means that many people may miscalculate how much interest they will have to pay on their mortgage each month, potentially leading to financial difficulty and possibly even repossession.

According to the research, 75 per cent of those polled failed to answer the question correctly.

The worst group was comprised those aged between 18 and 24, with only 16 per cent answering correctly.

Men (33 per cent) were found to be better than women (18 per cent), while people aged between 55 and 64 (31 per cent) performed well.

The research also revealed that the south-east, the Midlands and Scotland (28 per cent) were the best performing regions, while the south-west and Wales (19 per cent) were the worst.

Fast property sale expert Julian King adds, "Many, many people will face increased financial pressures next year. Those who are already predicting affordability concerns cannot rely on a quick house sale to save them in this current climate.

"Our analysts are predicting around 45,000 home repossessions next year, a further 15,000 more than the likely number for 2007.

"The lack of buyers in the market for property purchases and the increasing number of people who will be needing a fast property sale do not tally.

"Homeowners facing financial difficulty or repossession are advised to seek a quick property sale solution to resolve their financial worries".

Mr King is a director of National Homebuyers, the UK's leading fast property purchase firm. The company guarantees a quick 'cash for house' offer for vendors who need a quick sale. The company is also one of the UK's leading providers of Sell and Rent Back solutions.

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