ROOF Blog

According to uswitch.com seven per cent of mortgage holders have already taken a payment holiday, and a further two per cent are in the process of applying because of fears they made be made redundant. Analysts believe that the cost of taking such a holiday is underestimated by mortgage holders, millions of whom think interest charges are frozen during the break. However, following a 12-month holiday, a £150,000 mortgage would increase by more than £10,000 and monthly repayments will go up by £80, meaning that those customers will low equity levels in their homes could find themselves struggling.

The town of Corby in Northamptonshire is least likely to suffer job losses during a recession, according to consultancy Oxford Economics which looked at the proportion of people employed in the most vulnerable sectors such as financial services, retail and property. Corby had ‘only’ 64 per cent of its workforce employed in these vulnerable sectors. The City of London and Tower Hamlets came out as the most vulnerable of the 408 local authorities measured.