20 per cent struggle to pay mortgage say National Homebuyers
A fifth of Britons will struggle to meet their mortgage payments in January, potentially leading to serious financial difficulties.
[UKPRwire, Wed Jan 16 2008] New research from Mind shows that 20 per cent of mortgage holders are having financial difficulties as a result of the expensive Christmas period and harsh economic factors.
Much of the problems come from people spending on their credit cards and Mind is warning that it is not just our bank accounts that suffer when we overspend.
"Christmas is an expensive time of year but it's not just your wallet that could be hurt by excessive spending. Financial worries can have a devastating impact on mental health and can lead to serious problems such as stress, anxiety and depression," said Paul Farmer, chief executive of Mind.
"People who have mental health problems are already more likely to be living in poverty, with many dependent on benefits because they are too ill to work.
"Worries about finances and the prospect of not being able to afford the essentials like food, heating and electricity will only add to their distress," he continued.
Cash for homes property expert Julian King adds, "Homeowners facing financial difficulty need to act quickly to avoid repossession.
"Options exist to prevent homes being repossessed, but we urge those experiencing problems to act quickly to minimise any potential loss".
Mr King is a Director of National Homebuyers, the UK's leading fast property sale firm that guarantees to make a cash offer to purchase each property quickly, regardless of its condition or location. The company is a leading provider of Mortgage Rescue Schemes such as Sell and Rent Back when the homeowner can sell their property for cash, but remain in their home as a tenant.