Over a million households struggle to pay mortgage

Over one million households in the UK are struggling to pay their mortgage according to research by L&C mortgages.

Over half (58%) have never remortgaged for a better deal the research reveals, yet 2.6 million people believe their monthly mortgage payments are too high.

L&C also found that 36% of homeowners are still on a standard variable rate mortgage (SVR).

David Hollingworth, associate director of communications at L&C, said: “The problem is that although people feel they are struggling, they are not taking steps to manage their mortgage.

“Our research has found that millions are sitting on the wrong deal, even though seeking advice could potentially save consumers some hard earned cash by getting a better deal.”

The research calculated that the average household expects to pay off their current mortgage in 13 years, with half of the UK potentially paying off their mortgage in just over a decade.

Hollingworth added: “It is really important that people keep on top of their mortgage and take control of their monthly payments by using the current low in mortgage rates to their advantage.”

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Written by: Houseladder