Less people giving up homes due to mortgage payments


The number of homeowners forced to give up their properties after struggling to keep up with mortgage payments dropped by more than half (54 per cent) between 2010 and 2012.
According to new statistics released by housing investment and shared equity mortgage provider Castle Trust, during the two-year period less than 12,000 houses were given up, a significantly lower figure than the 26,000 abodes sacrificed in 2005-09.
The firm advised consumers to be wary of a rise in inflation and an increase in the UK base rate, which has been held at 0.5 per cent for the last four years.
Sean Oldfield, chief executive officer at Castle Trust, said although the amount of homes being given up has fallen, the risk of rising mortgage rates is still a major issue, but shared equity can play a part in reducing this.
He added: “[Our] partnership mortgage helps lenders and borrowers overcome this issue so many more good quality customers can secure the mortgage they want.”
Research from the firm also recently found British households are spending nearly one-third of their total outgoings every month on mortgage payments.

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