According to new figures from price comparison website MoneyExpert.com, as many as 500,000 borrowers have missed a mortgage repayment in the last six month period.
The website found that since July, as many as 4 per cent of home buyers missed a repayment, over 463,000 borrowers . The results were gleaned from a You Gov poll, and indicate how severe the influence of the credit crunch has already been on UK homeowners .
With the housing market now appearing to be in the first stage of a depression, and with higher fuel and utility prices squeezing consumers still further, 2008 could be a financially testing year. With January traditionally a financially bleak period, insolvencies and bankruptcies are forecast to soar.
The chief executive of MoneyExpert.com, Sean Gardner, reportedly commented: "Missing a mortgage payment doesn't incur an automatic charge like failing to pay your credit card bill, but it is a sign of real distress, as keeping a roof over your head should be the priority for most of us."
Consumer overstretch highlighted by missed mortgage repayments
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