62% Of Borrowers Are Worried About Mortgage Payments

by | Thursday 10th Nov 2022 | Mortgage News

People are concerned about rent and mortgage payments

People are concerned about rent and mortgage payments (Source: What Mortgage)

New data released by researcher QuMind has revealed that a shocking 62% of Britons that they interviewed are concerned about rising mortgage payments or rent payments if their landlord’s mortgage and utilities go up. The organisation interviewed a test group of subjects in the UK who all have one or more mortgages or rent. The data recorded is truly shocking, and it’s clear that people need mortgage advice and general advice around finances now more than ever.

What Does The Data Show About Concerns Around Mortgage Payments?

According to the data collected, 62% of the people surveyed are concerned about whether they will be able to afford their property, whether they rent or own. An increase in mortgage rates over the last few months, the cost of energy bills, and the general increase in the cost of living has forced the public to tighten their purse strings and cut back on expenses. But, for many the biggest expense (mortgage payments or rent payments) is something that people are really worried about.

Unlike a gym membership, or a social club membership, housing is something that most people need and giving up on your expensive payments is often not an option. Aside from actually paying their mortgage payments or rental payments, 75% of those surveyed were concerned about being able to afford higher than average payments on their utility bills like gas, electricity, water. 73% of those surveyed were worried about being able to pay for other essentials like clothing, food, transport or nursery fees.

What Have QuMind Said About The Data?

Mark Ursell, CEO of QuMind has said: “It is worrying to see just how negatively the nation feels towards the current economic and political situation. Across the country, individuals are making sacrifices to help them economise as they worry about their ability to pay for their homes and keep them warm. It is important that we recognise this emotion, and for those in the political and business communities to think about what more we can do to allay their concerns for the months ahead.”

Mortgage Advice Is Key

It is clear from the data released by QuMind that mortgage payments are a driving force in the worries that people are having at the moment, whether they own a property or rent from a landlord who has been forced to increase their rent. Now is a critical time for people to get mortgage advice and financial advice in general, to take back control of their finances. A mortgage advisor will be able to look at your current mortgage deal and help you in any way that they can to re-structure your loan and make it as competitive and affordable for you as they can.

A general financial advisor will be able to advise you on how to keep your monthly outgoings down so that you and your family can budget your money better. All it takes is a quick call to start the ball rolling.

If you or anyone you know is worried about increasing mortgage rates, give our advisors a call today to see how we can help you to re-structure your mortgage and find you a new competitive rate on your remortgages.

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