A new study has suggested that people in new homes may be paying for their mortgage with credit cards.
Research by Shelter found that more than one million people have covered the cost of their home loan in this way during the last 12 months.
Working class professionals were found to be the most likely group to do so, with eight per cent saying that they had paid for their mortgage with credit cards.
Kay Boycott, director of policy campaigns for Shelter, said: "This is a shocking discovery, that over a million households in Britain are in such desperate circumstances that they need to borrow money on credit cards to pay for basic housing costs."
She added that those that are struggling should not turn to credit cards and should instead seek professional advice.
Earlier this week, Bank of England figures revealed that there were 60,518 new mortgage approvals in November 2009.
See Also: Property News (6699)
Date Published: 13 January 2010
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