Those most likely to be financially stretched live in London and the South East and tend to be in the 18 to 34 age group.
Hundreds of thousands of mortgage holders could face payment difficulties by the end of June next year, according to analysis by the Financial Conduct Authority.mortgagePeople in this cohort rolling off a fixed rate mortgage could end up paying an additional £340 a month on average.
While the numbers are high it's a reduction of 214,000 from the 570,000 borrowers the FCA had, in September 2022, estimated would face difficulty.to increase interest rates at a lower level than previously thought. Data from the Bank of England echoes the outlook. The central bank's Financial Stability Report, published in December, saidwould be placed on the ability of households to meet their debts. It warned that economic conditions had deteriorated.
For now, most people are keeping up with mortgage payments, the executive director of consumers and competition at the FCA said,"but some may face difficulties".
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