Over 100,000 turn to government for mortgage help
More than 100,000 people have used the government’s Money Advice Service to find out how big a mortgage they can borrow.
Figures released by the government organisation showed 100,000 people used its mortgage calculators in the last three months of 2014.
It said borrowers had contacted them to help find which mortgage would be the best fit for their circumstances and to see how much they would be able to borrow to fund a house purchase.
This followed a campaign in October to warn borrowers over the impact of a future Bank of England Base Rate rise. Money Advice Service said borrowers should plan ahead and budget for an increase in mortgage repayments in the future.
In addition, 66,000 people received debt advice in October, November and December. This brings the total number of people receiving debt advice in the 2014/15 financial year to 166,000.
In order to meet the growing number seeking help with their debts the Money Advice Service has launched a number of new partnerships. Targeted at those areas with the greatest need of advice, it will allow 35% more people to receive debt advice than last year.
Caroline Rookes, CEO of the Money Advice Service said: “We’ve made some great leaps forward during the October-December period, helping more people than ever to take action to improve their financial situation.
“These figures are a tribute to our staff and our partners who work hard every day to help people across the UK.”