Mortgages Uncovered

According to research carries out by Engage Mutual, British householders are paying up to a third of their disposable income on essentials like utilities and food, and so cannot afford to buy property for themselves.

Apparently almost half of the British population would be unable to pay for things like mortgages or further education without some sort of inheritance. But with 54% of retired people struggling with their own finances and with just under 8,000 pensioners declared bankrupt in 2007, it seems unlikely that the British public will get the windfall they need and hope for, which raises doubts about over how realistic the financial expectations of half the country.

Spokesperson for Engage Mutual, Karl Elliot, has said: “Our previous research has shown that Britons are already struggling to pay for everyday costs like bills and the household shopping, so we wanted to know how they could afford larger items like paying off their mortgages. It is worrying that so many people have to depend on inheritance to be able to pay for these things.”

Mr. Elliot went on to say that while an inheritance can be a great financial help it isn’t something that can be controlled and therefore relied upon. The key, according to Mr. Elliot, is for families to take control of their own futures by saving a little bit of money as often as they can: “Even £10 each month could make some difference in the long run.”

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