Younger homeowners, and those living in London and the South East of England were most likely to find themselves in this situation.
Young homeowners are most likely to be financially stretched as a result of higher mortgage rates, the Financial Conduct Authority has said.
It said that younger homeowners, and those living in London and the South East of England were most likely to find themselves in this situation. The previous analysis was based on market expectations in September last year, which saw the Bank rate peaking at around 5.5%, as opposed to a peak of around 4.5% in the February expectations, used to calculate the most recent estimate.The FCA said that 200,000 homeowners had already missed payments, as of June last year.
"Get in touch as soon as you have concerns, don't wait until you're about to miss a payment before doing so. Just talking to them about your options won't affect your credit rating."
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