Middle classes worry about mortgage crisis

Most people are not surprised to hear that the mortgage crisis that has hit the UK over the past year is having a profound impact on groups such as first time buyers and low income families. However, there is evidence that shows that the mortgage famine and financial crisis is also having a very real adverse effect on the middle classes, with many people that are in well paid jobs also suffering as a result of the situation.

Following a recent survey it was indicated that a high number of homeowners in well paid positions were worried that even they would not be able to keep on top of their mortgage repayments, despite the recent interest rate cuts. Many that were polled thought that they might struggle to keep on top of repayments over the coming year, with many people in professions such as estate agency, legal sector, the financial sector, and others being worried about their job security.

The shadow housing minister stated: ‘Householders up and down the country and in every kind of housing are now concerned, as never before, about their ability to maintain a roof over their heads. While Gordon Brown would like us to believe that the Government has fixed the roof when the sun was shining, it’s now becoming clear that for many hard-working families concern about keeping their home is greater than at any time before.’

The Consumer Affairs Minister added: ‘It is imperative that when people are struggling with debt they seek assistance as soon as possible. There are a wide range of organisations who provide expert advice and can really make a difference.’