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Households Struggling With Their Mortgage Payments as Cost of Living Increases
11/04/2011
It was recently reported in the National Press that workers in the private sector are more than £1,000 a year worse off than they were 2 years ago. This has been caused by soaring prices of consumer goods and pay freezes. An average employee has experienced a real-term pay cut of 5% or £1,088 a year since 2009.
Research by the Institute for Social and Economic Research found an estimated 659,000 households struggle with their mortgage repayments, whilst 117,000 households are already in arrears.
If The Bank were to raise interest rates by 1% then a further 36,000 households would struggle with their mortgage repayments.
Those working in finance and insurance have been effected the most, losing an average of £101 a month from their take-home pay, closely followed by construction workers.
Homeowners aged over 55 years who are concerned about the level of their income and would like to know how much money the value of their property could release to help, can find out by contacting therightequityrelease.co.ukfor equity release advice.
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