Source: MPA Mag —
Almost half of people worry about their mortgage repayments, with a staggering 42% admitting they don’t have any savings to fall back on should they get into financial trouble, according to research by MetLife.
The 12-page report carried out by the financial services company concluded that 48% of borrowers have expressed concern about missing mortgage payments – up from 37% last year.
In addition, 71% of people say they will be unable to cover their mortgage repayments for more than two months, leaving almost three-quarters of borrowers exposed if they stop earning their usual income, MetLife added.
The research was carried out shortly after Kwasi Kwarteng’s infamous mini budget last September, which caused the pound to plummet and lenders to withdraw more than 1,000 mortgage products.
Although lenders have returned to the market, offering mortgages at lower interest rates, the ripples are still being felt in the housing sector.
The head of individual protection at MetLife, Rich Horner (pictured), warned that the industry will see the full impact when people have to re-mortgage their homes.