Homes put at risk
Nearly 800,000 people could be at risk of losing their home if they suffer a loss of income, according to new figures.
TheSocialMarketFoundation (SMF), which carried out the research for the Building Societies Association (BSA) said that of the 770,000 it calculates may be at risk of repossession, 26% work in retail or manufacturing – sectors badly hit by the pandemic.
SMF found more than one in 10 owner-occupiers say they do not have enough savings to cover a single month's mortgage payment.
A ban on home repossessions has been put in place and borrowers have also been able to take mortgage payment holidays.
The SMF found 29% had seen their household savings decrease during the pandemic and is suggesting that a time-limited hardship grant could protect households.
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