NI borrowers struggling to meet mortgage payments

A new report by the Consumer Credit Counselling Service suggests that a third of Northern Ireland borrowers who signed up to mortgages between 2005 and 2010 are now struggling to meet their monthly mortgage payments.

In the rest of the UK approximately one fifth of mortgage borrowers are having the same difficulties. The higher rate in Northern Ireland means borrowers in the region are more financially vulnerable, and the smallest of changes to their income or living costs could see them fall into serious levels of arrears and face repossession action.

The report highlighted the vulnerability of borrowers in Northern Ireland to any future financial shocks, with most households estimated to spend 97% of their weekly income. Only 29% of people in the region have a savings account, and 15% have an ISA, which is the lowest proportion of all the regions in the UK.

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