UK Money News
11th July 2008
Britons relying on savings to pay higher housing costs
Soaring housing costs are forcing millions of Britons to raid their savings, it has been discovered.
In a poll conducted by Chelsea Building Society, 12 per cent of people surveyed said they had used their savings to cover mortgage and rent payments over the last three months.
Meanwhile, 13 per cent said they had used their saving to pay utility bills or council tax.
Darren Stevens, director of customer services at Chelsea Building Society, said: "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."
News of the findings comes after a study conducted by Moneyfacts showed that mortgages are continuing to become more costly despite an easing in conditions in the money markets.
The site calculated the average rate of a two-year fixed-rate mortgage currently stands at 7.07 per cent.
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