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Mortgage holders with no investments or savings

20/05/2008

A recent survey carried out showed that 75 per cent of homeowners with a mortgage in Scotland have no savings or investments.

Archie Stoddart, Shelter Scotland director commented: "These stark new figures show how thousands of people in Scotland could be at risk of finding themselves in a housing crisis, and at worst, homeless. We aren't saying this will happen to everyone, but with the potential for unsettling times ahead we must ensure we have a better safety net in place for homeowners who experience difficulties with their mortgage payments."

Today there are no figures available for house repossessions in Scotland, UK figures showed that repossessions had risen by 20%, with predictions that they would increase further to a staggering 45,000.

Mr Stoddart spoke further: "The Scottish Government will invest a record £1.5bn on affordable housing over the next three years."

Policy consultant, Kennedy Foster, from the Council of Mortgage Lenders in Scotland, pointed that Scotland accounted for about 10 per cent of the UK mortgage sector.

Without help from government funding, the chances of the housing market to crash even further remains highly.


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