- Wednesday, 5 August 2009Tens of thousands of homeowners are still struggling to juggle their mortgage commitments with their other financial outgoings, with many likely to be falling further into debt each month, a new report has suggested.
While figures published by the Halifax make for good reading for some, the situation is far from rosy for many others.
While mortgage holders on tracker or variable rate products now have, on average, 11 per cent more disposable income than this time last year, those who are still on fixed-rate deals have missed out on the benefits of low interest rates.
What's more, as well as seeing their mortgage commitments remain the same, they have also seen the value of their property fall and utilities bills rise.
Furthermore, the Halifax has warned even those borrowers who are enjoying falling repayment levels right now that they too could find themselves struggling soon.
"Clearly, the situation will be less favourable when rates eventually begin to rise as many mortgage holders are benefitting from record low interest rates," Suren Thiru, an economist at the lender, said.
At the same time, moneyfacts.co.uk recently reported that UK borrowers are also being hit by rising charges for unsecured personal loans, with many having to see debt advice as they fail to find affordable credit.
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