LONDON, Oct. 16, 2020
LONDON, Oct. 16, 2020 /PRNewswire/ --
A QUARTER (23%) of home-owners are worried about renewing their mortgage during the pandemic according to a poll.
A third (32%) said their income was less secure now than before the pandemic according to the poll commissioned by specialist broker Willow Private Finance.
While more than one in 10 mortgagees (12%) have had to take a payment holiday on their mortgage during COVID according to the poll of 2,000 British adults by Yonder (formerly Populus).
The proportion of those feeling less financially secure during COVID rises to 63 percent among the self-employed.
The government's mortgage support scheme allowing people to take mortgage holidays comes to an end on October 31.
From next month lenders can start repossessing homes of those who have been unable to pay.
Those who have taken mortgage holidays will have their missed payments spread over the rest of the payment term meaning larger payments from next month.
Wesley Ranger, Managing Director of Willow Private Finance, said: "This is a ticking time bomb waiting to explode. Millions of mortgage holders in Britain are up for renewal in the next 12 months with changed circumstances.
"On top of all the other fears at the moment they are having sleepless nights worrying if they will be able to renew or even pay they bill.
"We are calling on the industry to show leniency for people with changed circumstances and for the government to extend its mortgage support scheme with urgency."
Willow Private Finance is a leading independent mortgage brokerage with extensive experience in all aspects of specialist lending and finance.
For more information visit: www.willowprivatefinance.com.
Notes to Editors:
1. Fieldwork was undertaken by Yonder (formerly Populus) between 2nd and 4th October 2020, surveying 2,091 adults. The full data tables are available on request.
2. A third of all those polled (2,091) say their income is less secure than before the pandemic.
3. Of those who expressed an opinion (667), 50% said their income is less secure than before pandemic.
4. Of those who expressed an opinion (619), 55% were more concerned about getting or renewing their mortgage than before.
5. Of those who expressed an opinion (406), 55% thought their present lender might not offer them a good deal when the time comes to renew.
6. Of the mortgagees surveyed (553), 12% had sought a payment holiday.
Willow Private Finance
7. Willow Private Finance is a leading independent mortgage brokerage with extensive experience in all aspects of specialist lending and finance.
8. The firm specialises in: mortgages, income, personal and business protection, personal finance, specialist lending, bridging finance, second charge, lombard lending, development finance, and life insurance.
9. Willow Private Finance work with a wide range of carefully selected lenders and insurers on an international scale to provide their clients with a dedicated and bespoke service from beginning to end. http://www.willowprivatefinance.com