According to The Mortgage Lender (TML) research, which surveyed 2,000 UK adults, around 14 per cent have admitted they have missed their utility bill payments.
The survey found that 16 per cent said that they would not be able to pay their energy bills if these went up between one and 10 per cent, and 17 per cent said they could not afford if it went up by 11 to 25 per cent.
The research also found that around six per cent already could not afford to pay their bills.
TML said that despite the government’s energy price cap announcement, which would limit the increases in customers’ bills, household energy bills would vary, and some households would still see a rise in their bills.
The company added that there was a “real concern” that many would be unable to pay their energy bills this winter.
“Sheer cost of bills…unnerving”
Approximately 14 per cent of respondents said they would consider missing their energy bill payment in the future to cope with rising costs. Almost a quarter of young people said they would consider missing their energy bill.
Peter Beaumont, CEO of The Mortgage Lender, said: “For many, the sheer cost of energy and utility bills, or even the thought of them rising, is unnerving. Indeed, some have already had to miss their regular payments in order to get by financially.”
He added that what was “more concerning” was the number of people who would consider missing payments to cope with rising costs.
Beaumont continued: “This could have a significant impact on an individual’s credit score, and ultimately their ability to access loans such as a mortgage, whether a first-time buyer or an owner remortgaging.
“If anyone is struggling to pay, it’s vital they speak to a mortgage broker as there very well may be options that are still available to them.”
