Concerns over mortgage payments could increase over the year to come, a lender has suggested.
According to The Co-operative Bank, many are currently "struggling" to deal with their "financial commitments" in the recession.
The firm has announced that it will donate £10 to shelter on every business home insurance policy it sells, in order to help tackle what it terms the UK’s "growing housing problem".
Data from the Council of Mortgage Lenders indicates that repossession numbers will rise to over 50,000 over 2010.
Shelter figures also show that one in four homeowners suffer from depression or "mental anguish" due to worries over housing costs.
James Hillon, head of home insurance at The Co-operative Insurance, said: "The Co-operative Insurance fully supports Shelter’s admirable work to help people by providing valuable help and advice to those who may be at risk of losing their homes or who are struggling to manage their financial commitments."
He added: "In 2010 we will be looking at additional ways in which we can build on the existing support provided to Shelter."
One of the ways in which a homeowner can reduce their mortgage costs is by taking out a drawdown plan from an equity release provider.
Figures from Key Retirement Solutions suggest that 23 per cent of equity release plan customers used the extra income to pay down their mortgages over the third quarter of 2009.
Posted by Richard Planner
