The concerning nature of missing a mortgage payment has been highlighted by one personal finance expert.

Sean Gardner, chief executive of MoneyExpert.com, said that although failing to make one monthly payment may not incur immediate financial loss, it is still extremely worrying.

"Missing a mortgage payment doesn’t incur an automatic charge like failing to pay your credit card bill. But it is a sign of real distress as keeping a roof over your head should be the priority for most of us," he asserted.

Research from the website has found that 463,000 people have missed a mortgage payment since July 2007, a figure equal to four per cent of outstanding mortgages in the UK.

And those between the ages of 25 and 34 were found to be the most likely to have missed a mortgage payment, which MoneyExpert.com attributed to the difficulties faced by young people making their first investment in property.

Meanwhile, Moneyfacts has advised that secured loans can be a cheaper way to secure extra funds than unsecured loans for homeowners.
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