UK Money News
19th June 2008
Borrowers turning to credit for mortgage repayments
More and more homeowners are being forced to take out loans or add to their credit card debt to pay their mortgages, a survey has shown.
Since the start of the credit crunch, mortgage providers have steadily increased the cost of their home loans, so that the cost of a two-year fixed rate mortgage - the most popular deal - is now at its highest for a decade.
The impact this is having on borrowers was borne out by a study conducted by homeless charity Shelter in which 16 per cent of those polled said they had used a credit card to pay their mortgage.
Meanwhile, 11 per cent have borrowed money, with half of these opting to borrow from friends or family and half taking out a loan.
Shelter chief executive Adam Sampson said: "Our new report and campaign show just how difficult it is for ordinary people to cope with spiralling housing costs, and how desperately unaffordable housing has become."
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