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TODAY'S OTHER NEWS

Mortgage woes – 23% of homeowners worry they will not be able to renew

A quarter (23%) of homeowners are worried about renewing their mortgage during the pandemic, according to a poll by broker Willow Private Finance.

A third (32%) said their income was less secure now than before the pandemic.

Meanwhile, a separate poll of 2,000 British adults by Yonder revealed that more than 1 in 10 mortgages (12%) have had to take a payment holiday on their mortgage during Covid.

The proportion of those feeling less financially secure during Covid rises to 63% among the self-employed.

The government’s mortgage support scheme allowing people to take mortgage holidays comes to an end on October 31. From next month, lenders can start repossessing homes of those who have been unable to pay.

Those who have taken mortgage holidays will have their missed payments spread over the rest of the payment term meaning larger payments from November.

Wesley Ranger, managing director of Willow Private Finance, comments: “This is a ticking time bomb waiting to explode. Millions of mortgage holders in Britain are up for renewal in the next 12 months with changed circumstances.”

“On top of all the other fears at the moment they are having sleepless nights worrying if they will be able to renew or even pay their bill.”

“We are calling on the industry to show leniency for people with changed circumstances and for the government to extend its mortgage support scheme with urgency,” he concludes.

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