Increasing Count of Tenants Fail to Meet Rent or Mortgage Obligations
Approximately one in five UK adults, equivalent to 20%, has experienced payment lapses in the past year, and for seven percent of the population, this extends to missing payments related to their homes, such as mortgages or rent, according to findings by Bluestone Mortgages. The missed payments also encompass utility bills, credit cards, tax obligations, or loan repayments. Among those who missed credit card payments, seven in ten did so on multiple occasions, and more than three-quarters of those who missed utility payments did so more than once.
Surprisingly, one in seven individuals seems hesitant to seek financial assistance when needed, while a similar proportion claims ignorance about where to begin. Moreover, 17% of people are unaware that financial support from institutions like mortgage lenders or energy providers could aid them during financial hardships, with an additional third being aware of the support but uncertain about its practical benefits.
Steve Seal, Chief Executive of Bluestone Mortgages, highlights the impact of the ongoing cost of living crisis and affordability challenges, emphasizing the importance of open discussions about financial situations. Seal encourages individuals to seek help promptly, as early engagement increases the likelihood of tailored support. He stresses the need for collaborative efforts within the industry to raise awareness of available support options, aiming for fair outcomes that consider each person's unique circumstances.
