A taxpayer-funded bailout for mortgage-holders would be opposed by more than half the nation, a survey by Opinium has revealed, despite 60% of borrowers worrying about making repayments.
Soaring interest rates and rising mortgage costs had led to calls for the government to intervene and provide financial support for those struggling with repayments.
Whilst the government ruled this out, 13% of those surveyed thought they might do a u-turn and offer a bailout.
The idea of providing funding for mortgage holders was opposed by 52% of the 2,073 adults quizzed by the research agency. Meanwhile a quarter were in support.
This was despite the fact six in 10 mortgage holders were worried about making repayments in the current high interest rate environment.
Support should be provided for renters
In fact, the members of the public surveyed were more in favour of support for renters. Opinium said close to half (47%) said funds should be used to help those struggling with rental payments.
This compared to just over a third (36%) who wanted the government to offer more support to mortgage holders and less than a fifth (19%) who want the same for outright homeowners.
Opposition to a taxpayer funded bailout was strongest amongst current Conservative voters (66%), with less than half (44%) of current Labour voters opposing a bailout.
However, the concern about mortgages appeared to be driving voters away from the Conservatives. Among those who voted for the party in 2019 and who now said they were struggling with their mortgage, or would if rates rise further, only 42% say they would still vote Conservative.
Matthew Howlett, senior research executive at Opinium, said: “While many people feel they can still afford their mortgage payments now, and despite this month’s inflation figures hopefully signalling a slowdown in sharp interest rate rises, there’s clearly anxiety across the country about what will happen if rates continue to rise.”
He added: “Currently, most people don’t want or expect a taxpayer-funded bailout, but certain demographics such as those aged 18-24 or renters are much more likely to feel they need support.
“More tailored support packages for people in specific situations may be a more popular option than a blanket bailout.”
If you are worried about paying your mortgage, you can seek help from your lender. The majority of UK lenders have signed up to the Mortgage Charter which means they will be able to offer you solutions to reduce the repayment costs for a period of time. You can find out more about this here.
