Around 770,000 people with a mortgage have missed one or more mortgage payments in the last twelve months, according to Citizens Advice.
The survey showed that younger people are more likely to have missed a mortgage payment, with 13 per cent of 21-24 year-olds surveyed said they had missed one or more mortgage payments in the last twelve months.
It says some people who are new to homeownership may be getting straight into difficulties.
The survey also found that some people don’t understand what secured lending is and that missing payments on these loans could lead to them losing their home. CA expresses concerns about the way secured loans are marketed in newspapers, radio and TV adverts by celebrities.
Citizens Advice chief executive David Harker says: “These figures do not surprise us as we see many people with mortgage and rent arrears. We are very concerned about the numbers of people who are missing payments.
“Missing payments on mortgages or secured loans could lead to arrears and possibly repossession. There is a clear need for more information and advice about the consequences of taking on financial commitments, particularly for younger adults.”