Mortgage payments: Are Brits struggling to pay?

Research reveals nearly half a million Brits will miss their next mortgage repayment.

Transcript

00:00According to new research, almost half a million mortgage holders in the UK are set to miss a

00:05mortgage payment in the next six months. This comes as the Bank of England says mortgage defaults

00:10are on the rise, with homeowners agreeing with this statement. The research went on to report

00:15that a majority of the top 10 mortgage lenders are accounting for a 22% spike in mortgage defaults

00:21over the course of 2024. Some experts have even cited the rapid rise in mortgage rates for this

00:26result. With stress and anxiety being a major component of the mental health crisis in the UK,

00:31the research went on to report that 5.4 million Brits cite their mortgage as a significant course

00:36of financial-related stress alongside energy bills. Communication and education has also

00:42been considered a major factor in the mortgage payment crisis, wherein research indicates that

00:481.3 million Brits do not understand the terms of their mortgage due to confusing jargon and

00:53the lack of two-way dialogue. It was further reported that almost 700,000 mortgage holders

00:58in the UK have already missed a payment in the last 12 months.