The UK Department for Work and Pensions-backed Money and Pensions Services (MaPS) October 2023 survey of UK residents revealed that 30% had missed at least one payment during the year, with many experiencing the setback for the first time. The research showed missed payments were led by credit card and utility defaults, but more people are also beginning to miss rent and mortgage payments.
Elevated interest rates and the end of fixed-rate mortgage deals for almost 1.6 million UK homeowners this year could increase mortgage payments by an average of £1,800 annually as they transition to higher rates. The situation puts nearly a quarter of UK mortgage holders at heightened risk of missing payments as thousands remain worried about losing their homes.
