Advice may save you £4k

Demand for online advice for Scots homeowners struggling to pay their mortgage has soared by almost 300%, according to a consumer report.

Figures released by Citizens Advice Scotland (CAS) show demand increased by 287% in September from the same time last year.

In the week following the disastrous UK mini budget, the CAS webpage “What to do if you can’t pay your mortgage” had over 1,200 page views.

With another rise in interest rates announced last week, the agency is warning demand for mortgage-related advice has been building up over the past year. Mortgage rates recently hit a decade’s high, with a typical twoyear fixed rate of 6.31%.

CAS social justice spokesperson, David Hilferty, said: “It is likely such a big increase is because of the impact of the mini budget at the end of September – but it is important to understand this has been rising for months, the increase in interest rates supercharge a problem that already existed due to the cost of living crisis.

“The rising cost of living against flat or falling incomes is creating real problems for people.”

He advised those who are struggling should seek advice from the Citizens Advice Bureau (CAB).

He said: “People can get help in a range of ways – our online advice pages, from their local CAB our using our interactive selfhelp tool moneymap.scot.

“Our advice is free, impartial and confidential. During this cost of living crisis, it costs nothing to check our advice and we are for everyone, regardless of background or circumstance.”

He added: “People who saw a gain after seeking advice from a CAB were on average over £4,200 better off, so we can make a real difference.”