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One-in-five borrowers struggle to pay mortgage

Julia Rampen
Written By:
Julia Rampen
Posted:
Updated:
25/06/2013

Nearly one-in-five borrowers are concerned about paying their mortgage amid rising concern about the future, the Chartered Institute of Housing has found.

Of those surveyed, 29% said they were fairly or very concerned about paying their mortgage this time next year.

CIH chief executive Grainia Long said the figures were extremely disturbing and represented a ‘toxic mix’ of economic problems: “The number of people worried about their housing costs will continue to rise, because we have failed to build enough new homes for decades.

“Decisive action is required to help fix our dysfunctional housing market. Long-term problems like this require long-term, fundamental solutions.

“Recent government announcements have shown ministers understand the importance of fixing our housing system, but we need housing to be understood as a national priority if we are to have any chance of dealing with this deepening crisis.”

The figures indicated tenants were under more stress than borrowers – when those paying rent were included in the survey, a quarter said they were concerned about paying their monthly housing bills and 36% said concerns about housing costs were causing them at least a fair amount of stress.