Sunderland Echo

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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