July 2023
Featured in this insight: Financial services
1 in 10 people in the UK will be unable to afford mortgage payments if costs continue to rise because of the cost-of-living crisis: A survey conducted by Opinium has found that 10% of mortgage holders in the UK will not be able to afford their mortgage payments if the cost-of-living crisis continues to worsen. The survey also found that over half of the UK population (56%) have said that the cost-of-living crisis will mean that paying their mortgage payments will be more of a struggle.
The survey was conducted by global research and insights agency, Opinium, involving 2,000 UK adults with the purpose of highlighting the problems that most of the population are having with their finances due to the cost-of-living crisis.
It found that 41% of people are planning to make cuts elsewhere in order to afford their payments.
Further findings highlighted that 8% of mortgage holders in the UK said they will have to borrow money from family or friends to weather the storm, with 6% of the people surveyed reporting they will have to sell their home, due to rising costs.
Rather than continuing to pay and struggle with the payments, 1 in 7 people are likely to ask for a mortgage holiday, found the survey, where payments can be paused for between 1 to 12 months or are reduced.
Alexa Nightingdale, head of financial services at Opinium, said: “Given how many consumers struggle to cover their mortgage payments, or even have to sell their home if things continue the way they are, support from the government, as well as these options agreed with lenders, cannot some soon enough.”
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