News In 5 Minutes

News When You Want It

Mortgage warning: Holders to struggle if a second lockdown is introduced – will you? | Personal Finance | Finance

On this, produced a survey of 2,093 adults based in the UK which revealed that many are worried for the future.

Around a third of families with children detailed they would find it difficult to pay their bills and 33 percent would struggle to afford to look after their families if another national lockdown were imposed.

Additionally, over a fifth (22 percent) of families with children expect to take a pay cut or reduce their hours in the near future, with 27 percent expecting their jobs to become endangered in the event of a second lockdown.

Worryingly, 23 percent detailed they would have to take on additional debt to afford the costs of lockdown, with a quarter explaining that they’d have to take out, or extend, a payment holiday (for mortgages and/or credit cards) to keep afloat.

READ MORE: Mortgage: A ‘flurry’ of remortgaging may emerge as products expire

Source link