Brits paying off mortgages with plastic

Millions of Brits are paying off their mortgages or rent with credit cards in acts of "desperation", the results of a new survey suggest.

Research conducted by ROOF, a magazine published by homeless group Shelter, reveals that over a million people in the UK have paid with plastic when meeting rent or mortgage instalments.

A group likely to turn to cards for settling rent or mortgage payments was found to be first-time buyers.

Nearly 7.5 per cent of people aged 18 to 24 said they had supported their position on the housing ladder using credit cards.

"There is such pressure on people’s budgets that paying your mortgage or rent by credit card, then paying that card with another card is becoming the norm for many people," said Stuart Freeman, director of services at Community Housing Advice Service.

The area where the trend appears most prevalent is in the Midlands and Wales, where almost one in ten (9 per cent) admitted to using this payment method to secure their accommodation.