You are here: Home - Mortgages - Remortgage - News -

Half of homeowners concerned about missing mortgage repayments

Written by: Lana Clements
As the cost-of-living crisis bites, almost half of homeowners are worried about missing mortgage payments.

The number of people concerned about mortgage payments is up from 37 % last year, according to the survey of 2,000 people by Met Life.

Two in five questioned said they have no savings to fall back on, and seven in 10 said they would be unable to cover mortgage repayments for more than two months.

Met Life said only one in 10 people know there are protection policies available specifically for their mortgage repayments.

‘Many seeing mortgage payments rise’

Rich Horner, head of individual protection at MetLife UK, said: “The chancellor made it crystal clear that tough decisions are necessary to keep mortgage rates down.

“However, there are still real pressure points affecting potential first-time buyers and current homeowners that need addressing quickly.

“For those with a mortgage, many are starting to see their monthly repayments rise in line with rising interest rates.

“With the uncertainty around how high interest rates will go and the ongoing pressures on the cost of living, the worry of meeting payments can be daunting.  Yet just one in 10 are aware that for a relatively small monthly fee, they can ensure they have protection in place to cover their mortgage repayments – often the largest monthly outgoing for many.

“At a time when households are looking even more closely at their finances to ensure they keep up with household bills and payments, accessing the right mortgage protection policy, such as MortgageSafe, is a simple and cost-effective way to safeguard finances should a homeowner have an accident or were to become ill, and they weren’t earning their usual salary as a result.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

How to help others and donate to food banks this winter

This winter is expected to be the most challenging yet for the food bank network as soaring costs push more pe...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week