Property in: LONDON

The British worry about their mortgages due to the COVID

A survey by Willow Private Finance has revealed, that 23% of homeowners are worried about their mortgages due to the pandemic.

32% said their income is less stable than it was before the pandemic, while more than 12% had to take leave to pay during COVID.

About 63% of self-employed people feel less secure financially due to the pandemic.

The government’s mortgage support scheme that allows people to take mortgage holidays ends up on October 31.

Managing director of Willow Private Finance, Wesley Ranger, said: “This is a ticking time bomb waiting to explode. Millions of mortgage holders in Britain are up for renewal in the next 12 months with changed circumstances.

“On top of all the other fears at the moment they are having sleepless nights worrying if they will be able to renew or even pay they bill.

“We are calling on the industry to show leniency for people with changed circumstances and for the government to extend its mortgage support scheme with urgency.”

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