Photo: James Stringer
The ombudsman reported today that it had received 13,659 complaints to do with mortgage repayments in the last year, up from 12,845 in the previous 12 months and a new record. 40 per cent of complaints involved those who were unable to afford their repayments.
This growing number of mortgage-related problems follows figures from the Council of Mortgage Lenders that showed repossession rates had fallen 20 per cent in the past 12 months; a sign that, while the overall picture is improving, many Brits are still facing financial hardship and struggling to make ends meet.
Some borrowers had waited to late to admit their trouble and seek help from lenders, warned the ombudsman
.”Mortgages are the most significant purchase most of us will make in our lives, so we understand why people might be reluctant to say that they’re struggling to pay for their home,” said Chief Financial Ombudsman Tony Boorman.
“Many of the cases where people face losing their home have been heart-breaking to deal with, but could potentially have been avoided.”