View more on these topics

Number of youngsters in arrears almost halves

The number of homeowners in mortgage arrears in their twenties has also almost halved over the past two years, according to new figures from debt charity Consumer Credit Counselling Service

Fewer homeowners in their twenties are seeking the charity’s help, down from 4,489 in 2009 to 3,008 in 2011.

While only 816 clients in their twenties had mortgage arrears in 2011 compared with 1,344 in 2009.

There has also been a dramatic improvement in the household budgets of CCCS’s homeowning clients in their twenties. They have gone from having a budget deficit of £15.02 in 2009 to having a budget surplus of £63.42 in 2011.

The budget situation of CCCS homeowning clients in their twenties with arrears has even improved too, rising from a budget deficit of £239.40 in 2009 to having a budget deficit of £113.78 in 2011.

The charity attributes this improving situation to low interest rates which have seen average monthly mortgage payments for its homeowning clients in their twenties going down from £543.92 in 2009 to £471.61 in 2011.

Delroy Corinaldi, director of external affairs at the CCCS, says: “While many young adults are struggling to get on the property ladder, the outlook is more positive for those that are already on it.

“Nevertheless, this is not a time for complacency as there are multiple pressures attacking their ability to pay their mortgage and many will buckle under the pressure ofrising interest rates.”


The Mortgage Mole

The brokers’ friend London mayor Boris Johnson paid a visit to the offices of the Coreco Group last week to promote apprenticeships in financial services.

House prices hold up with 0.3% rise in May despite 0.7% year-on-year fall

House prices rose by 0.3% in May, but are still 0.7% lower than one year ago, the latest house price index from Nationwide shows. A typical home is now valued at £166,022. Robert Gardner, chief economist at Nationwide, says the fact that house prices had a modest increase in May demonstrates that they are holding […]

Barclays reduces its rate on two-year fixes by up to 0.20%

Barclays has lowered most of its two-year fixed rate mortgages by up to 0.20%. The lender has also reduced the rate on its NewBuy deal and introduced two deals to its mortgage range. As part of the changes it has cut the rate on its two-year Great Escape remortgage from 3.89% to 3.74% for loans […]

Globe - thumbnail

Considerations for overseas workers in Germany

With Germany’s strong economic growth leading the eurozone’s recovery, many UK businesses are keen to be part of the success story: recent data shows that there are currently more than 280,000* employees working for a UK-controlled company in the country.


News and expert analysis straight to your inbox

Sign up