Three-quarters of mortgage holders worried about cost

NEARLY three-quarters of mortgage holders are now worried about meeting the cost of rising fees in the coming months, polling suggests.

The Liberal Democrats, who commissioned the research, said the figures expose the “true horrors” of the crisis facing borrowers.

The party blamed the recent rise in mortgage fees on the Government’s “botched and disgraced” mini-Budget, which triggered turbulence in the financial markets, pushing up interest rates.

The party is urging ministers to launch a mortgage protection fund in next week’s highly anticipated Autumn Budget, which would offer struggling households a “lifeline” of up to £300 per month.

The polling, carried out by Savanta ComRes, found that fears over rising mortgage payments are driving mounting anxiety over the cost of living. The proportion of UK adults with a mortgage who said they were worried about a hike in their fees rose from just over half (55 per cent) last year to almost three quarters (73%) – an increase of 18 percentage points.

Those with a mortgage are now more likely to be concerned about a rise in their housing costs than renters, of whom 64% said they were worried in the latest survey, up five percentage points on last year.

Elsewhere, the proportion of those concerned about a hike in their utility bills rose from 73% to 81%, while 77% of UK adults are worried about covering the cost of household goods in the coming months – up from 67% previously.

There was also a rise of nine percentage points in those concerned about an increase in fuel payments, from 61% to 70%.

LibDem Treasury spokeswoman Sarah Olney said: “These are deeply concerning figures which show the true horrors of the mortgage crisis.”