Young homeowners ‘improve’ budgets

Young homeowners have taken advantage of cheap mortgage deals to “dramatically improve” their household budgets, a charity has found.

The Consumer Credit Counselling Service (CCCS) said the number of homeowners it had seen aged in their 20s with mortgage arrears problems had almost halved in the past two years, amid record low interest rates which had made payments more affordable.

The charity said it dealt with 816 people in this age group who were in mortgage arrears in 2011, compared with 1,344 in this situation in 2009.

For the full story, pick up a copy of today’s Press and Journal or read our digital edition now