According to MoneyExpert.com, around 77,000 mortgage payments are being missed every month, and it is feared that the number could rise as the Bank of England continues to pile on the pressure.
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The results of similar research conducted by the independent financial comparison website in January, revealed that homeowners were defaulting on their mortgage at a rate of around 36,000 a month throughout 2006, and the new figures suggest that the rate of missed mortgage bills is close to doubling this year.
The Bank of England base rate has been increased by 1.25 per cent to the current 5.75 per cent since August 2006 with experts predicting that more rises could be on the way.
Inevitably that has pushed up rates on tracker mortgages and standard variable rates as well as making it more expensive for people whose fixed rate deal has come to an end.
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Council of Mortgage Lenders (CML) figures for the end of 2006 showed around 59,000 mortgages were three to six months in arrears.
Sean Gardner, Chief Executive of Money Expert.com, said: Missing a mortgage payment in a real signal of distress and anyone in such dire straits needs to address the issue as soon as possible. We are a long way from the dark days of the late 1980s and early 1990s when more than a million lost their homes but many are feeling the strain.
Anyone who has missed a mortgage payment should for a start be talking to their lender and letting them know what is going on. They should also look to cut spending and reduce debt across the board. That ought to mean sorting out their finances and getting all loans and credit cards under control. It can mean looking to consolidate loans and exploring secured loans against the value of their home. Many of us have considerable equity in our homes which can be used.
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People aged 35-44 are the most likely to have missed mortgage payments around 3 per cent have missed payments in the last six months.
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