Credit cards 'fund mortgage or rent for over 1m Brits'

Monday, January 11th 2010

Credit cards are often used by homeowners to fund mortgage or rent payments, according to homeless charity Shelter.

YouGov research on behalf of the charity's Roof Magazine suggests over one million proprietors across the country borrow money on credit cards to pay housing costs.

Some 2,022 adults were surveyed, with six per cent of participants liable for rent or a mortgage admitting they had used a credit card to fund payments over the past year.

Kay Boycott, director of policy and campaigns at Shelter, described the findings as a "shocking discovery".

Ms Boycott added: "It is absolutely vital that every single person using credit cards in this way seeks advice urgently to get the help they need to ensure they don't lose their home."

Last week, the Bank of England announced that confirmed mortgage approvals in the UK had jumped to their highest level for over a year.

Figures for November 2009 show 60,518 house purchase loans were agreed – the largest number since October 2008.