Homeowners working in human resources have struggled the most with their mortgage repayments in the past year out of all 12 sectors analysed as part of Uswitch.com’s recent mortgage statistics report.
The report aims to highlight the current landscape for homeowners across different industries, and the results show which industry’s employees struggle most with their mortgage repayments.
Almost eight in ten (76%) HR employees are having difficulty meeting their average monthly mortgage repayment of £1,259.56 – more than double the percentage of those working in the manufacturing and utilities (36.04%) and education (35.87%) sectors.
Claire Flynn, mortgage expert at Uswitch.com, said: “With the cost-of-living crisis affecting all industries, many UK homeowners face more strain than ever to meet those monthly mortgage repayments.
“There’s no single best way to reduce the burden of payments, so consider which course of action is right for you.”
Across all industries, the research found that 40.71% struggled with their repayments, 35.29% less than HR employees.
Three in five (59.5%) homeowners in the IT and telecoms industry have problems meeting the average mortgage repayments of £1,110.98.
This is the third most expensive, only behind payments for employees in HR (£1,259.96) and sales, media and marketing (£1,172.96).
Rounding up the top three sectors is sales, media and marketing.
Over half (55.77%) of employees in the sector reported difficulty with their monthly repayments, averaging £1,172.96.
This is 38% more than the legal sector repays (£851.63).
However, sales, media and marketing employees have struggled only 1.22% more than those working in the legal industry (54.55%) but earn 22% less per month.
Only 60% of employees in the human resources sector are on fixed-rate mortgages, according to Uswitch.com.
That means four in ten (40%) HR employees could have their mortgage repayments increased due to rising interest rates.
More than three in four (76%) HR employees have struggled with their mortgages in the last year, the most across any industry – and this is very likely to rise as interest rates increase in 2023.
Current interest rates prevent one in five (19.05%) HR employees from switching to a better mortgage deal. This is the third highest percentage behind IT and telecoms (26.88%) and arts and culture (21.05%).
Generally, the more industry employees without a fixed-rate mortgage, the more likely they are to struggle to pay their monthly repayments.
IT and telecoms employees are only slightly more likely to be on a fixed-rate mortgage, at 60.33%.
Almost two in five (39.67%) could potentially experience a price increase after interest rates rise.
Over a quarter (26.88%) said high-interest rates had already stopped them from remortgaging to a better deal, the most of any industry.
For more information visit: https://www.uswitch.com/mortgages/
