Debt
The Office for National Statistics (ONS) recently released a report showing that nearly one-third of homeowners in the UK are struggling to repay their mortgage debt. This is a worrying statistic, as it indicates that many people are struggling to keep up with their mortgage payments and may be at risk of defaulting on their loan.
The report found that 28% of homeowners were in arrears on their mortgage payments, meaning they had missed at least one payment in the last 12 months. This is an increase from the 24% reported in the same period last year. The ONS also found that 11% of homeowners had missed more than three payments in the last year, which is a significant increase from the 8% reported in the same period last year.
The report also revealed that the number of homeowners who are struggling to keep up with their mortgage payments is highest among those aged 25-34, with 39% of this age group being in arrears. This is likely due to the fact that younger homeowners are more likely to have taken on larger mortgages and may be more likely to struggle to keep up with their payments.
The ONS report highlights the need for more support for those struggling to keep up with their mortgage payments. The government should consider introducing measures such as debt relief or loan restructuring to help those who are struggling to make their payments. Additionally, lenders should consider offering more flexible repayment plans to those who are having difficulty keeping up with their payments.
Overall, the ONS report shows that nearly one-third of homeowners in the UK are struggling to repay their mortgage debt. This is a worrying statistic, as it indicates that many people are at risk of defaulting on their loan and may need more support from lenders and the government. It is important that measures are put in place to help those who are struggling to keep up with their mortgage payments and ensure that they do not fall into further financial difficulty.