Missing mortgage payments "a sign of distress" - 21/01/2008
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Missing a payment on a mortgage may signify "real distress" as housing is usually the number one priority for most people, according to the chief executive of MoneyExpert.
Some 463,000 people have missed at least one mortgage payment since July 2007, new research from the firm has revealed.
Sean Gardner, chief executive of the personal finance website, claims that the number of missed repayments could be due in part to additional expenses over the Christmas season, as well as a number of interest rate increases.
"It's clear that many homeowners are feeling the strain of successive interest rate hikes but if the result is that you can't pay your mortgage then you should take action immediately," he said.
Mr Gardner added that people may wish to speak to their lender if they are having a difficult time making mortgage payments.
"If you are struggling to afford the repayments then now is not the time to stick your head in the sand," he said.
Consumers looking to reduce their mortgage payments may also benefit from a new price comparison tool launched by uSwitch.com last week.
The site's new mortgage channel allows people to compare products from 35 lenders to ensure they are getting the best deal to suit their needs.
© Adfero
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