View more on these topics

Ensure clients can ride out next storm


The number of people struggling to pay their mortgage has surged by 78% over the past year, research has found.

A YouGov survey of some 2,000 Britons reveals the extent of home owners struggling to pay their mortgage – three million mortgage holders across the country or the equivalent of one in six.

The 18% of home owners now struggling is in stark contrast to the 10% who said they were in major difficulties this time last year.

At the same time debt charity the Consumer Credit Counselling Service has seen a rise in people who have no fixed abode calling its helpline. The CCCS has already counselled almost 15,000 people with mortgage arrears, with 6,820 of them in this year alone.

Few of us remember the lessons of past recessions when times were good and it seemed that house prices would forever increase in value.
Credit was easy to come by and if the worst happened and we lost or job, fell ill or had an accident, the equity we had built up in our home would see us all right. That rings pretty hollow today.

The financial services sector must accept some of the blame for home owners’ predicament.

We bought into the paradigm of ever-increasing property prices and products reflected a drive for easy profit at the expense of suitability.

Losing the roof over your head must be a great shock. Brokers have a duty to ensure clients are covered and can ride out the next financial storm.



MMR likely to hike costs of providing direct deals

The cost of offering direct deals could be driven up by the latest Mortgage Market Review consultation paper, says the Association of Mortgage Intermediaries. Last week the Financial Services Authority revealed that all mortgage sellers will have to be trained to CeMAP level 3, including those in branches. A cost-benefit analysis of the MMR by […]

Why prevention is better than cure

Quoting the famous adage, prevention is better than cure; there are many proactive benefits that can improve wellness in the workplace, decrease stress, increase staff morale and reduce absenteeism, as well as attracting and retaining employees of a higher standard. With a recent study showing that employees in Britain are working below peak productivity, preventative benefits can ensure you address potential health issues or causes of stress at their source and ensure productivity in the workplace remains at an optimum level. With this in mind, how are you using preventative benefits to help keep your workforce happy and healthy?


News and expert analysis straight to your inbox

Sign up