Brits are working longer just to make mortgage payments
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With savings and pension funds depleted by the recent economic turmoil, pensioners are looking for other ways to supplement their pension and many are using their house as a way of generating cash. More...
Brits spend half their money on their mortgage
Monday, 03 Apr 2006 10:46
UK residents are spending half their working life simply paying their mortgage, a new report finds.
According to data from The One account, all the money earned in the first half of each working month goes on mortgage payments alone.
And after handing over half our money to mortgage lenders, some 60 per cent of Britons are working unpaid overtime to maintain their lifestyles.
"British homeowners are finding the work-life balance increasingly difficult to deal with," said Debbie Milsom, spokeswoman for The One account.
"People are so busy focusing on job security that they don’t have time to look after themselves or even maintain an active life outside work."
The One Account's data shows that 86 per cent of Britons say mortgage commitments make putting in overtime to ensure job security a top priority.
And being chained to the office means that UK residents are not having enough time to pursue hobbies and leisure activities.
Almost every other homeowner (49 per cent) no longer spends time on hobbies, 44 per cent say it affects their love life, and some 29 per cent of mortgage holders say they do not get enough sleep.
As well as not sleeping, two homeowners in five spend less time than they would like keeping fit and close to one in three (30 per cent) eat convenience foods rather than more healthy options as time pressures mount.
"It’s a worry that people are not getting enough sleep and don’t even have the time to eat the right foods," Ms Milsom commented.
"There is a price to pay for working long hours and, despite all their hard work, people are still not leading their ideal lifestyle because of the commitment to their mortgage."
But data from the One Account shows that moving to an offset or current account mortgage could see 80 per cent of homeowners pay off their mortgage early.
"Being mortgage free would then enable you to reassess your lifestyle – and then have the freedom to travel, take a career break, or even start your own business," Ms Milsom concluded.
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