According to a recent report in the Times newspaper, as many as one in five homes in the UK have been placed on the property market because the owners are unable to afford mortgage repayments .
Known as ‘forced downsizers’ this bracket of the housing market is large and growing, according to estate agents throughout the UK. Further indications of property market strife – repossessions and mortgage arrears – have also soared.
Many banks have withdrawn their mortgage deals from borrowers, leaving many unable to find a competitive mortgage . The chief executive of the National Association of Estate Agents, Peter Bolton King, was reported as commenting: "It is those homeowners who were on cheap fixed-rate mortgage deals who cannot replace them and are struggling with the rise in repayments ."
Mortgage debt forcing sales for many
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Mortgage debt forcing sales for many
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