27/01/2012

NI Households Have Worst Mortgage Debt

One in three people are struggling to pay their mortgages in Northern Ireland.

According to a study commissioned by the Consumer Credit Counselling Service a third of households who took out mortgages between 2005 and 2010 are now finding it difficult to make repayments.
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NI has the highest level of mortgage difficulty in the UK for loans taken out in the last five years. This is compared to the rest of the UK, where one in five people are finding it difficult to make mortgage repayments.

In addition Northern Ireland had seen the fastest growth in demand for debt advice in the UK, with the number of people counselled rising by 80% in the two years to 2010.

The debt charity said households in Northern Ireland are among the most financially vulnerable in the UK and they have little money left at the end of the month.

(LB)

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