Worrying Times for Home Owners - Pandemic impact is now being felt!

Almost 800,000 households could be vulnerable to repossession if they suffered a loss of income says the Social Market Foundation. Analysed official data found that of the 770,000 at risk of repossession, a quarter (26%) worked in retail or manufacturing, sectors badly hit by the pandemic.

Its independent report, funded by the Building Societies Association (BSA), reveals that the pandemic has reduced the savings of many mortgage-holders. More than one in ten owner-occupiers now do not have enough savings to cover a single month’s mortgage payments.

Mortgage payment deferrals will cease after 31st July.

Whilst overall savings have increased during the pandemic, the SMF said this experience did not reflect reality for many homeowners.

A poll of 2,000 mortgage-holders in February 2021, commissioned for the SMF, found that 29% had seen their household savings decrease during the pandemic and 14% said they did not have savings to cover even one mortgage payment.

Don’t wait until the Bailiffs come knocking.

Reach out, ask for help, and find a solution.

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