The financial website Moneynet has reported more than one in three home owners are struggling to cope with repayments on a mortgage debt of more than three times their gross salary.

Over 33% are finding repayments tough, this figure is shocking and means that the level of debt in the UK will rise.  If this happens the credit crunch in the UK is set to worsen.

Those who are looking at remortgaging in hope to get a better deal and lower monthly repayments are also likely to pay more.

Mark Wadmore who works for the broker Chartwell Funding said “people remortgaging at the moment will be paying a lot more. On a £200,000 mortgage someone switching from an old fixed rate deal to a new one will be paying upwards of £165 a month more.”

How many of us can afford an extra £165.00 a month, this could have some devastating effects with more people unable to keep up with the repayments more properties are likely to be repossessed.