State won’t cure mortgage pain
Almost half-a-million mortgage payments have been missed in the past six months.
And that number looks likely to rise following the Bank of England’s latest interest rate rise.
According to research by MoneyExpert.com, around 77,000 payments are being missed every month – more than double last year’s figure.
With experts predicting at least one more rise before rates stabilise, things can only get worse.
If you do get into difficulties, don’t assume the state will bail you out.
Even if your problems are not of your own making – say, because you’ve lost your job or are too ill to work – government help with mortgage repayments is extremely limited.
That’s why it’s vital not to overstretch yourself when you take out a mortgage.
It’s also why you should have a savings cushion to protect you, and why you should consider taking out some form of income protection cover.
