Many homeowners in the UK are currently living only one pay packet away from having a housing crisis. Recent studies have shown that almost a third of council house mortgage homeowners with have no savings or investments to speak of. The study also believes that this means if there is a long-term drop in household income these individuals will run the risk of being unable to meet their council house mortgage payments. These statistics come among concerns that the current dip in the house buying sector are getting worse as time progresses. Industry experts have already been warning that repossessions could rise this year, if things stay the way they are. The survey figures showed that 265,000 households in Scotland alone have a mortgage but don’t have any savings or investments. The survey was said to have occurred after a sharp rise in the number of visits to council house mortgages repossessions advice pages on its website. In fact, through last year alone they were viewed almost 35,000 times.
Related reading: Council House Mortgages
Comment on this article