Couples are staying together as they can’t afford to break up

Exclusive: ‘As the crisis deepens and mortgage rates look set to rise further, we expect this to increase,’ says partner of UK’s largest family law firm

While over half of people said they are grappling with tension in their relationship as a result of their mortgage rate going up and two thirds are fearful growing financial pressure will cause conflict and result in their relationship breaking down in the future (Getty/iStock)

Couples are staying together as they can’t afford to break up, new research has found.

Data from Stowe Family Law discovered a third of Britons are staying in their relationship due to being unable to afford to live on their own while mortgage rates skyrocket.

The UK’s largest family law firm, which polled over 600 Britons aged between 25 and 75, found a quarter of people said although they would be able to afford living costs if they lived alone, their standard of life would radically decline if they did not generate more income.

While over half of people said they are grappling with tension in their relationship as a result of their mortgage rate going up and two thirds are fearful growing financial pressure will cause conflict and result in their relationship breaking down in the future. Women made up 63 per cent of those polled, while men constituted 37 per cent.

Polly Neate, chief executive of Shelter, leading housing charity, told The Independent she is “not at all surprised” by the findings given the cost of mortgages and the cost of renting is surging “astronomically”.

She added: “There are going to be situations where people just can’t afford to move. I’m sure it is not just confined to London. All over the country this is happening. Being in a situation which is making you unhappy is bad for people’s mental health. It is bad for children.

“The lower income you are, the more severe the housing crisis is. It is really important to remember that. Home ownership is declining and mortgages are getting worse and worse. Things are much worse for those on low-incomes - there are issues of homelessness.”

The research found almost a quarter reported no longer being able to afford to pay their mortgage - with two in ten warning they were contemplating renting or selling their home in a bid to cope with soaring mortgage rates.

Nicky Hunter, partner at Stowe Family Law, said it is “worrying” financial reasons mean people are “trapped” in their relationships.

“This is very concerning, particularly for those trapped in abusive relationships,” she added. “Increased financial pressure can act as a trigger for abusive partners.”

She said she expects the problem to grow worse as mortgage rates are due to grow yet higher next month.

“But it is important to remember that there is support available from domestic abuse charities, friends and family and family lawyers – please seek help if you need it,” she added.

Homeowners with typical two-year or five-year fixed-rate mortgages are facing massive surges in their monthly repayment costs as the Bank of England raises interest rates in a bid to curb inflation.

Mortgage rates rose last month due to the central bank increasing the base rate by 0.5 percentage points to reach 5 per cent.

Peter Saddington, a counsellor at leading relationship support charity, Relate, said: “Staying in a relationship solely for financial reasons can take a heavy toll on your wellbeing and have negative consequences for everyone in the household.

“The sense of being stuck can lead to feelings of depression, frustration, and a deep-seated resentment towards your partner. If you’re also worrying about finances and mortgage rates, tensions are likely to be running incredibly high.”

Therapy or counselling “which you can attend alone or with your partner, can provide a safe space to voice some of your fears and resentments and to find a way forward,” he added.