Tuesday, December 6, 2022
HomeLending MarketsMortgage repayment worries growing: MetLife

Mortgage repayment worries growing: MetLife

Nearly half of people asked by MetLife – 48% – say they are worried about missing their mortgage payments, a rise on the 37% who replied in this manner when surveyed in 2021.

Preparation for potential financial stress has not improved, either – 42% of the over 2,000 people asked said they have no savings to fall back on, up slightly from 40% a year ago.

And MetLife found that of the people who would be able cover their mortgage payments, just 29% would be able to do so for more than two months.

The firm’s research points to a knowledge gap regarding protection – just one in 10 people said they were even aware that mortgage protection policies exist.

MetLife UK head of individual protection Rich Horner says: “The chancellor made it crystal clear that tough decisions are necessary to keep mortgage rates down. However, there are still real pressure points affecting potential first-time buyers and current homeowners that need addressing quickly.

“For those with a mortgage, many are starting to see their monthly repayments rise in line with rising interest rates. With the uncertainty around how high interest rates will go and the ongoing pressures on the cost of living, the worry of meeting payments can be daunting.”

Just yesterday, a survey by Pepper Money and YouGov also threw up 48% as the proportion of people worried about their finances and making mortgage payments.

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