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Concerns over mortgage payments soar by almost 300%

Demand for online advice for people struggling to pay their mortgage soared in September, according to new data released by Citizens Advice Scotland (CAS).

Their September data report shows demand increased by 287% in September 2022 from September 2021.

In the week following the mini budget, the page “What to do if you can’t pay your mortgage” had over 1,200 page views.

With the Bank of England set to announce interest rates this coming Thursday (3 November) CAS is warning that demand for mortgage related advice has been building up over the past year. 

CAS Social Justice spokesperson David Hilferty said:  

“Our online advice pages have been seeing a steady increase in demand from people struggling to pay their mortgage, with a big increase in the past few months.

“It is likely such a big increase is because of the impact of the mini budget at the end of September –but it is important it is important to understand that this has been rising for months, the increase in interest rates supercharge a problem that already existed due to the cost of living crisis. 

“People will be looking ahead to the next interest rate announcement from the Bank of England with a sense of dread, but even beyond that the rising cost of living against flat or falling incomes is creating real problems for people. 

“Those who are struggling should seek advice from the CAB network as soon as possible. People can get help in a range of ways – our online advice pages, from their local CAB our using our interactive self-help tool

“Our advice is free, impartial and confidential. During this cost of living crisis it costs noting to check our advice and we are for everyone, regardless of background our circumstance. People who saw a gain after seeking advice from a CAB were on average over £4,200 better off so we can make a real difference.”