Mortgage Stamp Duty Reform

Greycoat: More People Are Behind On Their Mortgage

According to Greycoat and their new data, the number of people in the United Kingdom who are behind on their mortgage has increased. This, by 18 percent on mortgage rates in recent months. A recent report showed that there were 87,900 people who were behind on their mortgage in the third quarter. 

 

Greycoat informs more on this concern. Even though this number is high, it is still significantly less than it was during the financial crisis. The report stated that there are several factors that are causing people to be behind on their mortgage. One of those factors is an increase in interest rates. 

 

The cost of living is also increasing. When people have to stretch their money, they often find themselves falling behind on their bills, Nick Millican further states. Even though more people are delinquent, there are fewer people losing their homes. People are finding ways to keep their homes despite the fact that they have fallen behind on their payments. 

 

For example, many people are able to get approved for assistance. They are also able to set up payment arrangements. Nick Milliacan further explains that renters are also being impacted by this crisis. 

 

The number of landlords filing for eviction has increased by 19 percent. People who have fallen behind on their rent or mortgage payment should seek assistance before it is too late. It is important to remember that landlords and mortgage companies are hurt financially when people do not pay. Greycoat Real Estate can help property owners who are struggling.