The mortgage crisis is causing a “mental health ticking time bomb,” according to the Liberal Democrats.
It found that over three million people’s mental health has been negatively affected by not being able to afford their rent or mortgage.
A survey by the Office for National Statistics (ONS) discovered that six per cent of UK adults said their mental health has been impacted by rising mortgages and rents in the past months.
This is equivalent to an estimated 3.13 million people across the country.
The survey also found almost four in 10 (37%) people said they’d seen their rent or mortgage go up in the past six months. A typical homeowner seeing their deal come to an end will see their monthly mortgage interest payments increase by £240.
Support needed for homeowners ‘on the brink’
The Liberal Democrats said the ONS survey showed the “shocking” toll on people’s mental health following the mortgage crash.
The party called on the government to step in to support homeowners on the brink.
Leader Ed Davey said: “The collateral damage of spiralling mortgage rates is hitting families hard and creating a mental health ticking time bomb.
“Every day another family faces the grim prospect of falling off their mortgage deal, only to face eye-watering rises worth hundreds of pounds.
“The blame lies squarely with this Conservative government for crashing the British economy and leaving homeowners to pick up the tab. The very least Conservative ministers can do now is help families at risk of losing their homes.”