Construction UK Construction Directory
Time and date
CONSTRUCTION DIRECTORY
Share this page
Construction News
08/05/2012

Customers Face £300m Additional Mortgage Bill

When over a million people will be hit by the Standard Variable Rate (SVR) and variable rate mortgage rise, Which? estimates consumers will face an additional £300 million in mortgage repayments over the next year.

New research from Which? reveals 70% of mortgage-holders are concerned about an increase in interest rates. 14% say they are already struggling with repayments. The greatest impact of these latest rises will be felt by ‘mortgage prisoners’ who are unable to move to another provider.

Three quarters of mortgage-holders told us that they would be affected if their repayments increased by £50 a month, with 41% saying they would need to cut back on regular spending, 20% would need to reducing savings and 11% would not have enough for essentials.

-- Advertisement --
hss

An increase of £100 a month would see 20% of mortgage-holders not having enough for daily essentials like food and 11% being unable to pay their mortgage. Consumers also highlighted the emotional impact of increases in mortgage repayments, describing them as "devastating" and "a disaster".

Which? chief executive, Peter Vicary-Smith said: "Our advice to anyone struggling with their mortgage repayments is speak to your lender straight away. It is encouraging that a third of people we spoke to had approached their lender but worryingly in one in five cases, they said their lenders offered no help at all. This is just not good enough and we want to see banks do more to help their customers who are struggling.

"These SVR rises are the consequence of the lack of competition in the market and the failure of the Government to take action to promote competition. This is why the new financial regulator, the FCA, needs to be a watchdog not a lapdog. It must stand up for consumers and stand up to the banks."

(CD)

Latest Construction News

03/12/2024

Birmingham Children's Hospital has celebrated a significant milestone in the construction of its new clinical building on Loveday Street with a topping-out ceremony. The event marked the completion of the building's steelwork framework. Attendees, including hospital staff, construction partners, ...
03/12/2024

A £6.8 million state-of-the-art Sherwood Observatory Planetarium & Science Centre in Sutton-in-Ashfield has opened its doors to the public. The project, delivered by G F Tomlinson through SCAPE, involved the transformation of a disused Victorian reservoir into a modern visitor attraction and ...
03/12/2024

Last Friday saw the National Access and Scaffolding Confederation (NASC) bring the scaffolding industry together at the ICC Belfast, to celebrate its high achievers. The Scaffolding Excellence Awards 2024 marked the culmination of the industry's first major conference and expo in Europe, Scaffex24, ...
03/12/2024

Barratt London and Places for London have exchanged contracts on a new development site in High Barnet. This is the second project unlocked by the West London Partnership, a collaboration established in June 2024 to deliver over 4,000 new homes across West London. The High Barnet development will ...
03/12/2024

Bellway Strategic Land has submitted a planning application to Durham County Council for a 149-home extension to the Seaham Garden Village development. The proposed development includes open space and wildlife improvements. Bellway conducted a public consultation process over the summer to gather ...
03/12/2024

The Chartered Institute of Building (CIOB) is set to launch its third global survey to investigate the mental health challenges faced by construction workers. The previous study, published in 2020, revealed alarming statistics, including: • 97% of construction workers experiencing high levels of ...
02/12/2024

Thames Water has awarded a £400 million framework to support its infrastructure upgrades over the next five years. The water company aims to address the challenges posed by ageing infrastructure and climate change. The framework will provide access to a range of professional services, including ...
02/12/2024

GRAHAM has been awarded a contract to design and build the first phase of the Cardiff Crossrail project. The ambitious project aims to transform Cardiff's transport infrastructure. As part of an early contractor involvement (ECI) deal, GRAHAM will work closely with Cardiff Council and Transport ...
02/12/2024

Watkin Jones has agreed to develop and deliver 295 new homes on behalf of Torus, the largest affordable housing provider in the North West of England, which will be partly funded by Homes England. The new scheme will result in the regeneration of an existing brownfield site, forming part of an ...
02/12/2024

Costain has been selected to provide programme management services to Thames Water as part of a new five-year framework. The contract will support the delivery of upgrades to the water company's infrastructure assets across the region. Thames Water anticipates a significant increase in its capital ...
Think Construction Skills Ltd.Stuart CanvasBRICOFLOR UKAqua Direct LtdEfco UK LtdT & D Glazing And Installation LimitedLakeside Hire123v PlcForge Lifts LtdAtlas Winch & Hoist Services Ltd (UK)
Terms and Conditions
2024/12/03 17:58:05