In a recent study conducted by Mind, the UK’s largest mental health charity, statistics have come to light regarding the impact of increasing mortgage costs on people’s mental health. The research revealed a concerning connection between rising mortgage expenses and a decline in mental well-being, highlighting an issue that has been made even worse by recent developments.
Almost one-third (29%) of individuals, equivalent to almost 14 million people, in England and Wales have felt the effects of escalating mortgage costs over the past year. Worryingly, 10% of those surveyed reported that the financial strain had significantly affected their mental health.
With a feeling that everything is seemingly happening all at once, these figures emerge just as the Bank of England recently raised interest rates to 5.25%, marking a 15-year high. So this decision adds further pressure to mortgage holders, deepening their financial worries. This research highlighted that individuals struggling with existing mental health challenges were even more susceptible to the negative effects of heightened mortgage costs, with 36% reporting a deterioration in their mental well-being.
The repercussions of rising mortgage costs extend beyond just financial worries. Younger people, particularly those aged between 16 and 24, were profoundly affected, with a staggering 48% indicating that the mortgage situation had similarly impacted their mental health.
Vicki Nash, Mind’s associate director of external affairs, said financial difficulties and mental health problems “often form a vicious cycle”. She said: “As we continue to grapple with the rising cost of living, news of yet another possible increase in mortgage rates will be difficult for many families to bear. Money problems and mental health often form a vicious cycle, and when we’re struggling to deal with one, the other can become much harder to manage, particularly when it threatens to impact our housing situation.
“We know some people are becoming so unwell that they need hospital treatment for their mental health. These figures show this is a mental health emergency that everyone is going to need help to deal with. We know we can’t fix the cost-of-living crisis but support for your mental health is out there, and we are here for you.”
The charity has witnessed a surge of 55% in enquiries to its Infoline over the past 18 months, with a significant portion of these inquiries related to financial difficulties, unemployment, and personal debt. Mind’s response to this mental health emergency is marked by its commitment to providing support through various channels, such as their Infoline, online community, and informational resources available on their website.
The findings serve as warning for comprehensive welfare checks, increased support for mental health, and a more considerate approach from lenders to ensure the well-being of homeowners and mortgage brokers alike. Remember that amidst the challenges, organisations like Mind play a crucial role in providing essential support and resources to navigate these turbulent times. If you’re experiencing diminished mental health due to your financial situation, please visit our support links for how we can help. https://refreshdebt.co.uk/support-services/