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Loan claim: Millions could struggle to pay their mortgages next payday

Millions of people in Britain could be one month away from being unable to pay for their mortgages, research from Shelter has revealed.

It found that over eight million people do not have enough savings set aside, meaning that if they were to lose their job, they would be unable to pay for their mortgage.

Worse than this, 18 per cent said that if they were to lose their job and were unable to get another one immediately after, then they would be unable to pay for their mortgage or rent at all.

The government has been trying to make it easier for people to get mortgages more cheaply in order to stimulate the housing market.

In the Budget, chancellor George Osborne outlined plans to offer partly interest free mortgages and to have the government stand as guarantor for some mortgages under his Help to Buy scheme.

Some people had been struggling to gain cheaper mortgages as banks can be reluctant to lend to people who have little equity.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801569913-ADNFCR

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