Mortgage crisis affects the middle classes
The results of a recent poll have revealed that an increasing number of middle class homeowners are concerned that they will not be able to keep on top of their mortgage repayments over the coming year, according to a recent report.
Whilst many have associated the risk of mortgage repayment defaults with lower income homeowners the report shows that a large number of high earners are also worried that they will not be able to keep up with the repayments on their home loans.
In fact, according to the results of the poll higher wage earners are the most worried about keeping on top of their mortgage repayments over the coming year.
The economic downturn was already clearly affected people in some high flying professions, such as estate agency, banking, and other financial sectors. However, it has now started to affect workers in other high profile jobs, such as law workers, retailers, marketing and advertising executives, and more.
Grant Schapps, the shadow housing minister, said: ‘Householders up and down the country and in every kind of housing are now concerned, as never before, about their ability to maintain a roof over their heads. While Gordon Brown would like us to believe that the Government has fixed the roof when the sun was shining, it’s now becoming clear that for many hard-working families concern about keeping their home is greater than at any time before.’
Gareth Thomas, the Consumer Affairs Minister, has urged homeowners who are worried about making repayments on their mortgages to take action and speak to professionals in the industry, stating: ‘It is imperative that when people are struggling with debt they seek assistance as soon as possible. There are a wide range of organisations who provide expert advice and can really make a difference.’
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