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Increased mortgage rates 'could lead to debt trouble'

Increased mortgage rates 'could lead to debt trouble'

- Wednesday, 20 May 2009

People who took on a fixed-rate mortgage in 2007 may find themselves facing debt problems when their current deals expire, according to a broker.

Peter Cowell of Click n go Mortgages said that increased rates may be a "shock" to many borrowers, who may not have been making overpayments or keeping their payments at the same level.

He said these increases - which research from Moneyfacts indicates could be as high as an additional £600 per month - could cause some borrowers to fall into financial difficulty.

"[Borrowers] are used to having very low mortgage payments," he said. "The payments can [now] be three or four times what they used to be paying - that is a big shock overnight to have that reaction."

According to debt charity Credit Action, the average household debt in the UK stands at £58,350 including mortgages.

It also noted that in the month of May, one person is expected to declare insolvency every 4.5 minutes.ADNFCR-2300-ID-19178287-ADNFCR
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