MoneyExpert.com has reported that some 463,000 people have failed to meet a mortgage payment deadline since July 2007, representing around 4% of the 11.8 million outstanding mortgages.
But MoneyExpert.com said the recent Bank of England base rate drop will ease pressure on household finances and points to the difficult festive period as a potential reason for the number of missed repayments. The research has also found that people aged 25 to 34 are the most likely to have missed mortgage payments, reflecting the difficulties experienced by first time buyers trying to get a foothold on the property ladder.
Sean Gardner, CEO of MoneyExpert.com, said: Missing a mortgage payment doesn’t incur an automatic charge like failing to pay your credit card bill. But it is a sign of real distress as keeping a roof over your head should be the priority for most of us.
