Half a million homeowners have taken on extra work to boost their income as they struggle with rising mortgage costs, according to new data from Indeed Flex.
A survey of more than 800 mortgage holders revealed that 40% have seen their repayments increase in the past year.
15% of these homeowners — an estimated 528,000 people — have turned to additional work to help cover the rising costs.
While the economy has shown signs of improvement heading into 2025, with the Bank of England lowering the base rate to 4.50% in February, borrowers coming to the end of fixed deals are remortgaging on to higher rates.
The financial strain has forced nearly two-fifths (38%) of affected homeowners to cut back on non-essential spending, such as takeaways and holidays, while one in 10 (9%) have turned to temporary work to supplement their income.
Nearly a third (31%) reported that although their household income covers the mortgage increase, it leaves little room for other financial commitments.
Additionally, 14% of homeowners say they are struggling to pay other bills, and 12% admit their income is insufficient to cover the mortgage hike altogether.
Novo Constare, CEO and co-founder of Indeed Flex, said: “Millions of Brits are experiencing mortgage stress, prompting homeowners to take proactive steps to manage their finances.
“The pressure to make ends meet is driving many people to seek additional income streams, such as working longer hours, taking on a second job, or doing temporary work.
“These extra demands on people’s time will put households who are already balancing busy workloads with family commitments under further pressure.
“Flexibility is key when it comes to temporary work and finding shifts that work around their hectic day-to-day lives.
“Through Indeed Flex, individuals can find suitable roles to earn additional income, helping them manage increased mortgage payments, pay off debts, or cover everyday living expenses.”
