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.”


Free Ad – Reach millions
Mortgages – From 0.99%
Tax – 9 Tax saving guides
Earn £250 to £2000 part time

mortgageMortgages - Find cheapest. Rates from 0.98%. 1st time buyers, remortgages, self-employed, adverse & CCJ, Landlord buy to let. Compare now

mortgageSell or Let Property FREE on Houseladder 0% no fees. Free property advertising. List 1 to 1000 properties to millions of buyers and tenants. Upgrade to a Premium advert for only £30 and sell or let your property FASTER! Create Ad

make-moneyMake Money - Earn £250 to £2000+ per month part time. Get paid every month for work you do once. Work from home. Flexible hours. Free training. No experience needed. Major UK PLC company. Find out how >>

taxHow To Save Property Tax - Updated Sept 2017 “How To Save Property Tax” is widely regarded as THE tax bible for property investors. The 21st edition has just been published (Sept 2017) and is completely up to date. Read now


Written by: Houseladder