Women working harder to cope with rising mortgage costs
October 29, 2007
According to a recent report women in the UK are having to work harder and longer in order to keep up with rising mortgage repayments.
The reports shows that many women have had to take on second jobs to cope with repayments, as interest rates and rising property prices have taken their toll and left homeowners struggling to keep up with rocketing repayments. There have been five interest rate rises since August of last year, and these have added considerably to the repayments of those on variable rate mortgages.
Figures indicate that the number of women that have had to take on second jobs to cope with the increase in mortgage repayments has risen over the past two years, although the number of men with second jobs has actually dropped during this period. There has been a 4% rise in the number of women taking on second jobs in the past two years, taking the figure from 605,000 to 649,000. There has been a fall of around six thousand in the number of men with second jobs.
These figures bring the total number of people- both men and women – with second jobs in the UK to around 1.1 million. Experts think that this increased figures is largely down to increased mortgage repayments, with consumers doing all that they can in order to keep up with mortgage repayments and keep a roof over their heads.
One industry professional stated: ‘The key factors promoting this are probably the rises in mortgage costs as well as general price inflation. We are very concerned about this. The impact on work/life balance can be intense.’
Alan Wright
29th October 2007
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