72% of Brits worry about their mortgage

Mortgage rates are one of the major financial concerns among the British population. Seven in ten people admit to being worried about their mortgage payments according to new research. It also suggests that those facing problems regarding mortgage payments do not tend to approach their lender for help.

Most Britons do not feel that anything will be gained from sharing their financial problems with their lenders, according to the study from Which? While 14% of British people are currently struggling with their mortgage repayments, only 36% of those have actually approached their lender looking for help.

Although approaching a lender appears to be the last thing people do when facing financial instability, the study says that in 78% of the cases borrowers can offer some form of assistance. Other lenders, though, are still not doing enough to help their customers to pay their mortgages.

First-time buyers at highest level

Despite the worries and financial uncertainty, June of this year saw the highest number of mortgages taken out by first-time buyers (FTB) since August 2010, new data reveals.

Figures released by the Council of Mortgage Lenders reveal that a total of 18,100 loans (worth £2.2 billion) were given to first-time buyers. Those statistics are 24% higher than in May.

In direct relation to mortgages, 28,600 loans (worth £4.6 billion) were taken out in July; which is up from 23,800 (£3.7 billion) in May, but down from 32,800 loans in June 2010.

Overall, last June saw up to £6.7 billion spent in 46,700 loans for house purchases.

“Whilst there are clearly financial uncertainties ahead, it is encouraging to see more house buyers surfacing at the start of summer. Recent increases in Bank of England approvals figures also show that more completions are expected in July, so the more encouraging numbers may persist for a while,” said Council of Mortgage Lenders Director, Paul Smee.

The current financial instability means many people are struggling financially. If you are in the same boat, a payday loan can be the quickest and easiest solution to ease your money related problems.

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