Over 3 million people’s mental health impacted by rising mortgages and rents

EMBARGO: Immediate Release

The Liberal Democrats have warned that the mortgage crisis is causing a “mental health ticking time bomb,” after figures showed that over three million people’s mental health has been negatively affected by not being able to afford their rent or mortgage.

A survey by the Office for National Statistics has found 6% of UK adults said their mental health has been impacted by rising mortgages and rents in the past months. This is equivalent to an estimated 3.13 million people across the country.

The Liberal Democrats said it showed the “shocking” toll on people's mental health following the mortgage crash, and called on the government to step in to support homeowners on the brink.

The survey also found almost four in ten (37%) people said they’d seen their rent or mortgage go up in the past six months. A typical homeowner seeing their deal come to an end will see their monthly mortgage interest payments increase by £240.

Liberal Democrat Leader Ed Davey said: 

“The collateral damage of spiralling mortgage rates is hitting families hard and creating a mental health ticking time bomb. 

"Every day another family faces the grim prospect of falling off their mortgage deal, only to face eye-watering rises worth hundreds of pounds. 

“The blame lies squarely with this Conservative government for crashing the British economy and leaving homeowners to pick up the tab. The very least Conservative ministers can do now is help families at risk of losing their homes.”

ENDS

Notes to Editor:

Figures revealed in ONS survey here

The Liberal Democrats are calling on the Government to introduce an emergency Mortgage Protection Fund to support struggling families at risk of losing their home, paid for through reversing Conservative tax cuts to the banks