The UK’s recession may be officially over, but more than a quarter of homeowners risk losing their homes after admitting they are still living on a “financial precipice”.
Latest research suggested 26 per cent of borrowers aged between 35 and 44 would be unable to meet their mortgage repayments if they saw a £300 drop in their monthly income.
And one in eight adults in this age range has deliberately over-inflated their income to secure a larger loan, according to the YouGov research.
It comes after the Council of Mortgage Lenders revealed last month that the number of people being evicted from their homes climbed to a 14 year high, with an average of 126 repossessions a day in the past year.
The research also showed a drop in the proportion of people paying off their credit card bills in full each month with 5 per cent of people who previously paid their bills in full now paying just the minimum or a fixed amount. The figure rises to 7 per cent for those aged between 35 and 44 years.
