Thursday, November 11, 2010

Shelter says it is ‘unlikely things are about to get easier for homeowners’.

Debts leave 3m Britons struggling to pay mortgage, says Shelter

18% of mortgage holders say they are constantly struggling to meet monthly payments compared with 10% a year ago. As many as 3 million people are struggling to pay their mortgage each month, an increase of 80% on a year ago, according to the housing charity Shelter. Research for the charity found that 18% of mortgage-holders say they are constantly struggling to meet monthly payments compared with 10% a year ago.

Posted by jack c @ 09:44 AM (1114 views)
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5 thoughts on “Shelter says it is ‘unlikely things are about to get easier for homeowners’.

  • What’s worse – being a mortgage slave or a rent slave? The longer I rent, the more I think that tenants actually have MORE security – what’s the worst that can happen?

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  • sibley's b'stard child says:

    Oh, the ignomony:

    “…while some have opted to rent out their homes while staying with someone they know as a means of repaying their debts.”

    As you say MW, as hacked-off as I am paying over the odds for private rented accomodation; better that then paying an equivalent amount for a house rapidly depreciating in value and unable to re-sell.

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  • Depends on your long term plan Mark – I’d rather be mortgage free and have the security of being settled rather than potentially being evicted by a landlord.

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  • Alan 540, I am cheating, obviously, because, smug git that I am, I have enough money to buy a nice house for cash tomorrow if I so wished.

    But even if I didn’t, if I had to take out a mortgage to buy the house we currently live in, assuming 20% deposit, I’d be looking at repayments of about £5,000 or £10,000 more a year than we pay in rent, so if I only had the 20% deposit, it would make more sense to pay rent and to put that £5,000 or £10,000 to one side for the future.

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  • Just playing devil’s advocate. Of course it makes sense not to buy a depreciating asset, but some will for security, schooling, etc. depending on thier circumstances, and that’s a damn good reason for prices to fall, apart from our inate greed! (see hpw’s thread down 3).

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