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A quarter of home-owners are worried they will not be able to renew their mortgages

16 October 2020 | General

A quarter (23%) of home-owners are worried about renewing their mortgage during the pandemic, a poll from specialist broker Willow Private Finance has found.

A third (32%) said their income was less secure now than before the pandemic, while more than one in 10 (12%) had to take a payment holiday during COVID.

The proportion of those feeling less financially secure during COVID rises to 63% among the self-employed.

Wesley Ranger, managing director of Willow Private Finance, said: “This is a ticking time bomb waiting to explode. Millions of mortgage holders in Britain are up for renewal in the next 12 months with changed circumstances.

“On top of all the other fears at the moment they are having sleepless nights worrying if they will be able to renew or even pay they bill.

“We are calling on the industry to show leniency for people with changed circumstances and for the government to extend its mortgage support scheme with urgency.”

The government’s mortgage support scheme allowing people to take mortgage holidays comes to an end on October 31.

This post has originally been featured in Property Wire.