British newspaper The Guardian reported last month that around 700,000 households in the UK had defaulted on their rent or mortgage payments, with figures showing Britons struggling to pay debts, card interest and bills with high interest rates and inflation.
The data, released just days before another expected rise in borrowing costs, indicated that 700,000 British households defaulted on their rent or mortgage payments last month.
The consumer body, which released the figures, said missed housing payments were “particularly high” among renters, affecting one in 20 renters surveyed.
The finances of mortgage holders and private renters are under further pressure as the Bank of England is widely expected to raise borrowing costs for homes and businesses for the 12th time in a row on Thursday. Financial markets expect a quarter point rise of 4.5%. Meanwhile, average rents have risen to new records, according to data released last month by real estate website Rightmove.
Interest rates at the Bank of England recently increased to a base rate of 4.25%, another blow to almost 2.2 million people on variable rate mortgages.
Overall, the latest “Which?” As of April, an estimated 2 million households defaulted on at least one mortgage, rent, loan, credit card or bill payment. Monthly consumer statistics tracker based on an online survey of nearly 2,000 people.
However, this year’s April figures are lower than in March, when 2.5 million households – or 8.8% – missed out.
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