ROOF Blog

The number of mortgages approved for house purchase fell for the third month in a row during February as the housing market continued to show signs of slowing down, figures revealed today. A total of 47,094 loans were approved for people buying a home during the month, 21% down on the recent peak reached in November last year, according to the Bank of England. However, the Bank’s figures also showed a rise in unsecured lending during the month, with consumers taking on more debt through credit cards, personal loans and other forms of credit than at any time for 15 months.

More than 1 million householders have used credit cards to pay their mortgage or rent in the last 12 months, a new survey by ROOF reveals today. Despite restrictions on credit and reports of many people paying off personal debt, an exclusive YouGov poll for ROOF magazine reveals a disturbing picture of over a million people taking desperate measures with credit cards to keep a roof over their head. The highest proportion of those who pay their rent or mortgage through credit card were from working class professions (8% of those in the C2DE social grouping), but the poll also showed that middle/upper class (ABC1 category) are falling victim, with 4% of respondents saying they use credit cards in this way.