Low income borrowers are most affected by the Bank

Aihuicha, November 17: more than half of low-income households with mortgages in Britain are in arrears on one or more bills, according to a new study, highlighting the dual pressures of rising interest rates and rapid inflation on their finances. According to a survey by the Joseph Landry foundation, a charity, the proportion of less affluent mortgage holders who missed one or more household bills rose sharply in October, with 58 percent saying they were in trouble, up from 49 percent a year ago. More than half found themselves behind on four or more household bills. In addition, the survey found that a growing number of low-income households were denied loans, and 29% of households reported being denied, up from 24% in May. Rachel earwaker, a senior economist at JRF, said higher interest rates meant that low-income mortgage borrowers paid an average of about £ 300 more a month on mortgages than they did last year.