Scores of UK Homeowners are likely to suffer financially throughout 2008, fuelled by desperation to get on the housing ladder, and stretching themselves to breaking point in the process.
One of the countries most reputable economists has recently stated that consumers who jumped onto the property bandwagon over the last few years, using high multiple mortgage products and unmanageable loans will be the first to feel the brunt of the credit squeeze.
Brits have taken on far too much in the way of home loan credit, and as such will find meeting their repayment demands increasingly difficult, as financial conditions continue to tighten.
He suggested that there had never been a time where so many consumers have had to stretch themselves to the extent that they have done, as seen over the last 5 or so years. Approximately 20% of homeowners are reported to be in an uncomfortable position with regards to repaying their mortgage, and analysts feel that a sizeable chunk of these people will become seriously unstuck throughout the course of the year.
