{"id":72496,"date":"2021-03-04T14:36:13","date_gmt":"2021-03-04T14:36:13","guid":{"rendered":"https:\/\/secondchargemortgageuk.com\/?p=72496"},"modified":"2021-03-04T14:36:14","modified_gmt":"2021-03-04T14:36:14","slug":"home-repossession-vulnerable","status":"publish","type":"post","link":"https:\/\/secondchargemortgageuk.com\/home-repossession-vulnerable\/","title":{"rendered":"Nearly 800,000 home-owners are \u2018vulnerable to repossession\u2019"},"content":{"rendered":"\n

Nearly 800,000 households across the UK could be at risk of home repossession if they suffer a loss of income, according to analysis by a think-tank.<\/p>\n\n\n\n

The Social Market Foundation said that of the 770,000 it calculates may be at risk of repossession, a quarter (26%) work in retail or manufacturing, sectors badly hit by the pandemic.<\/p>\n\n\n\n

SMF research funded by the Building Societies Association (BSA) suggests more than one in 10 owner-occupiers do not have enough savings to cover a single month\u2019s mortgage payment.<\/p>\n\n\n\n

A ban on home repossessions has been put in place as part of coronavirus support measures and borrowers have also been able to take mortgage payment holidays.<\/p>\n\n\n\n

Opinium polling of 2,000 mortgage-holders commissioned for the SMF found 29% had seen their household savings decrease during the pandemic.<\/p>\n\n\n\n

To find out more about how we can assist you with your Second Charge Mortgage please click here<\/a><\/em><\/p>\n\n\n\n

Close to 800,000 home-owners could be at risk of losing their home during these turbulent economic times<\/p>Scott Corfe, Social Market Foundation<\/q><\/cite><\/blockquote>\n\n\n\n

Nearly half (46%) of mortgage-holders on incomes up to \u00a320,000 said they have seen their savings decline.<\/p>\n\n\n\n

The SMF suggested that a time-limited hardship grant could protect households from building up additional financial burdens.<\/p>\n\n\n\n

Research director Scott Corfe said: \u201cClose to 800,000 home-owners could be at risk of losing their home during these turbulent economic times.\u201d<\/p>\n\n\n\n

Paul Broadhead, head of mortgages and housing at the BSA, said: \u201cWith the growth in wealth and income inequality as a result of the Covid-19 pandemic, it\u2019s now more important than ever to look at all possible options that could help home-owners who are struggling to meet their mortgage payments beyond lender forbearance.<\/p>\n\n\n\n

\u201cThere isn\u2019t one single solution that will support all those in need. Stakeholders, including Government and lenders, need to work together to ensure that home-owners and families, whether they\u2019re dealing with temporary or longer lasting financial difficulties, have the best chance of overcoming their difficulties and enjoy a home which is financially sustainable.<\/p>\n\n\n\n

\u201cI hope that the findings in this independent report will stimulate debate and that a range of flexible and compassionate options can be found to create positive futures for those whose prospects may currently feel pretty bleak.\u201d<\/p>\n\n\n\n

The SMF analysed the Wealth and Assets Survey as part of its research.<\/p>\n\n\n\n

By Vicky Shaw<\/em><\/p>\n\n\n\n

Source: Belfast Telegraph<\/a><\/p>\n\n\n\n

Discover our Second Charge Mortgage Broker<\/a> services.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Nearly 800,000 households across the UK could be at risk of home repossession if they suffer a loss of income, according to analysis by a think-tank. The Social Market Foundation said that of the 770,000 it calculates may be at risk of repossession, a quarter (26%) work in retail or manufacturing, sectors badly hit by […]<\/p>\n","protected":false},"author":1,"featured_media":72235,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[1978],"tags":[2083,2159,2160],"yst_prominent_words":[],"acf":[],"yoast_head":"\nHome repossession - 800,000 homeowners vulnerable to repossession<\/title>\n<meta name=\"description\" content=\"Nearly 800,000 households across the UK could be at risk of home repossession if they suffer a loss of income, according to analysis by a think-tank.\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/secondchargemortgageuk.com\/home-repossession-vulnerable\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Home repossession - 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