Households in NI will continue to struggle with soaring mortgage costs despite intervention in light of the continued interest rate rises. Some households may still face homelessness, according to local housing charity Housing Rights.
The charity says the continued increase in mortgage interest rates, coupled with the cost of living crisis, has left many homeowners unable to pay their monthly bills and worried about keeping a roof over their heads.
Housing Rights Advice Services Manager, Catherine Feely told us:
“We are hearing from people daily who simply can’t afford to pay for their homes. They are nearing crisis point or are already there.
Measures were announced today to help homeowners struggling with their mortgages. It comes after the Bank of England raised interest rates for a 13th consecutive time. The rate is now at 5%.
Ms Feely said that while Housing Rights welcomed these measures, they don’t go far enough to address the problems that homeowners are currently facing.
“People have been hit with continuous increases in monthly mortgage payments when they were already wrestling with rising living costs. This latest interest rate increase will lead to further strain on people and their ability to keep their homes.
“Our message to people is clear: our services are absolutely free, and if you are in any way concerned about your ability to meet your housing costs then contact us today for advice. The earlier you act the more we may be able to do for you, and it is never too late to contact us”.
Ms Feely further commented:
“Those who were already in mortgage arrears are now unable to even think about addressing the arrears as their monthly payments continue to increase.
“While the interventions announced today will help some homeowners, for those who were already facing repossession action they don’t go far enough. For others they provide a temporary reprieve but it won’t address the long term financial strains”.
Housing Rights advisers can help people struggling with housing debt to:
- talk through your options
- negotiate with your mortgage lender or landlord to come to an agreement
- set up a repayment plan that works for you
- advocate on your behalf in court hearings for repossession
Anyone worried about keeping their home or meeting housing costs can contact Housing Rights on 028 9024 5640 or can get information and chat with an adviser at www.housingrights.org.uk.
