First Home Buyers Make Debt Burden Worse
Almost half a car bought quarter money spent on renovations and built 20 percent more credit card debt. The mortgage is not the goal of homeownership.These results go along way to demonstrate what mortgage stress is often caused by additional debt on people commit after they take their mortgage.The number of people saying they had a lot of extra debt was 15 percent higher than one year ago, with 45 percent saying they had spent more than $ 20,000. Five percent added more than $ 100,000 in the first two years of homeownership.
Eight percent of the 803 people surveyed said they were considering selling their home due to their inability to afford repayments. The same number said they would consider selling up if interest rates rise by one percentage point. About 83 percent had no regrets about their home purchase, and 63 percent higher than necessary loan repayments. The two biggest problems for 2011 were rising interest rates (47 percent) and living costs such as energy bills and clothing (24 percent). The main areas were subject to large financial obligations for so long (48 percent), followed by not being able to afford repayments (46 percent). only 29 percent of respondents had mortgage insurance, income protection issue 28 percent and 32 percent life.