Half a million missed mortgage payments in last six months

Close to half a million cash-strapped homeowners have missed a monthly repayment on their mortgage in the past six months, according to MoneyExpert.com research.

The independent financial comparison service says some 463,000 people have failed to meet a mortgage payment deadline since July 2007, representing around four per cent of the 11.8 million outstanding mortgages.

But MoneyExpert.com says the recent Bank of England base rate drop will ease pressure on household finances and points to the difficult festive period as a potential reason for the number of missed repayments.

Sean Gardner, Chief Executive of MoneyExpert.com, said: “Missing a mortgage payment doesn’t incur an automatic charge like failing to pay your credit card bill. But it is a sign of real distress as keeping a roof over your head should be the priority for most of us.

“It’s clear that many homeowners are feeling the strain of successive interest rate hikes but if the result is that you can’t pay your mortgage then you should take action immediately.

“If you are struggling to afford the repayments then now is not the time to stick your head in the sand. A phone call to your lender can ease the pressure enormously.”

People aged 25 to 34 are the most likely to have missed mortgage payments, reflecting the difficulties experienced by first time buyers trying to get a foothold on the property ladder.