Mortgage News

Over 4m families pay mortgage with credit card

23 June 2008

Almost one in four families claim to be suffering from stress or depression due to "desperately unaffordable housing", Shelter has said.

The housing and homelessness charity`s Breaking Point report states that 16 per cent of householders have paid their rent or mortgage repayments with credit cards in the past twelve months.

Some two million people are constantly struggling with housing costs and 400,000 are behind on mortgage repayments, said the report, based on figures obtained from a YouGov survey.

Food spending has been cut by one in four households to limit outgoings, while one in nine have sold possessions and 11 per cent have borrowed money, often from friends and family.

Adam Sampson, Shelter`s chief executive, said: "Our new report and campaign show just how difficult it is for ordinary people to cope with spiralling housing costs."

"People are going to extraordinary lengths to ensure they pay their rent or mortgage," he added.

The report calls on the government to carry out its commitment to building three million new homes by 2020.

Shelter was founded in 1966 and campaigns for all British people to "access a decent, affordable home".