Third of furloughed workers turn to remortgaging

28 September 2021

Around one in three employees who have been placed on furlough have remortgaged, or at least considered doing so, in order to give their finances a boost.

That is according to new research from Canada Life looking at how currently furloughed workers have supported their finances throughout the pandemic.

Its study found that 34 per cent have considered their remortgaging options in order to keep their finances afloat, though this was a particularly popular move for younger workers with 49 per cent of those aged under 35 adopting this route. By contrast just five per cent of those aged over 55 considered remortgaging.

Taking a break from mortgage repayments was also common among homeowners, with over a third having taken or considered taking a mortgage holiday.

However, making use of the equity held in a property is far from the most common measure employed by furloughed workers. Credit cards were the first choice for almost half, followed by 42 per cent who borrowed money from friends or family and the 41 per cent who took out a loan.

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