Increasing 2023 Home Mortgage Rates Taking Toll On Mental Health of Almost 33%, Survey Says

A recent survey says that the increasing 2023 home mortgage rates are taking a toll on the mental health of almost 33% of the people in England and Wales. In addition, almost 40% of people with existing problems claim that their mental health had worsened.

A recent survey revealed that almost 33% of individuals in the countries of England and Wales have been negatively affected by the increasing 2023 home mortgage rates since 2022. In addition, almost 40% of individuals with existing mental health problems also claimed that their conditions worsened over time.

According to Fox, Mind, the biggest mental health charity in the United Kingdom, stated that the number of individuals contacting their helplines increased by 55% in the last 18 months. Reportedly, these individuals call for assistance with financial problems, personal debt, unemployment, and welfare following the increase in 2023 home mortgage rates.

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Survey on Increasing 2023 Home Mortgage Rates

An article in Sky News states that prior to the Bank of England’s announcement of increasing 2023 home mortgage rates from 5% to 5.25%, Mind had conducted a survey of 3,015 respondents from England and Wales last March and April.

The survey further revealed that the increase in 2023 home mortgage rates is another attempt to get the rising inflation under control. In particular, the increase in 2023 home mortgage rates has affected the mental health of almost 48% of younger individuals with ages ranging between 16 and 24.

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