Brits dip into savings to cover higher mortgage debt
Brits dip into savings to cover higher mortgage debt
Monday 14th July 2008
In a poll conducted by Chelsea Building Society, 12 per cent of those surveyed admitted that they had used their savings to pay housing costs in the last three months.
A further 15 per cent of the sample said they had used savings to pay utility bills or council tax and 13 per cent said they have had to cover other household bills with money they had put aside.
Darren Stevens, director of customer services at Chelsea Building Society, commented: "We are concerned that many people's finances are in real trouble due to the growing pressure of rising costs across so many essential items."
The findings come after separate research conducted by Moneyfacts found the average rate on two year fixed rate mortgages, which are the most popular deals in the UK, currently stands at 7.07 per cent.
Debt1, official website of Byrom & Keeley - Experts in Debt Management
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