Mortgages: People struggling with payments urged to take action as defaults surge

Mortgages: People struggling with payments urged to take action as defaults surge

Stephen Dixon calls on those struggling with mortgages to take action

GB News
Ben Chapman

By Ben Chapman

Published: 14/04/2023

- 21:39

A new report suggests more households are struggling with payments

People struggling to pay their mortgage have been urged to take action and not miss payments by GB News presenter Stephen Dixon.

It comes after a report suggesting households are increasingly struggling to deal with mortgage costs, with defaults on the rise.

A net 14 per cent of banks and building societies and banks said more households had defaulted on secured loans, such as mortgages, in the three months to the end of February compared with the previous quarter.

The institutions were responding to the Bank of England’s credit conditions survey.

Stephen Dixon discusses the mortgage crisis

Stephen Dixon calls on people struggling with their mortgage to take actionn

GB News / PA

Speaking on GB News, Stephen Dixon urged those struggling to seek support rather than shun their repayment duties.

He said: “If you are really struggling to pay your mortgage, speak to your mortgage company.

“Speak to them, if you do that, it won’t negatively affect you as much.”

Agreeing with Dixon’s sentiments, broadcaster Liz Kershaw added: “My friend volunteered for the Citizens’ Advice Bureau.

“They’re really trained in giving advice and offering someone to talk to.”

The rising defaults exacerbates the issues we are currently seeing for many households, finance analyst Myron Jobson told the Financial Times.

“The uptick in defaults underlines the daily struggle for many households to keep on top of rising prices”, he said.

“Adding interest and repayments to the ever-growing mountain of monthly costs could prove to be one plate too many for a large number of Britons.”

The new data, released on Thursday, also showed lenders are making more mortgages available to households in the three months to the end of February.

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