Homelessness 'a real threat'

Many home owners are said to live close to the edge

More than half a million Scottish homeowners are just one pay packet away from homelessness, according to new research.

Shelter Scotland said its Household Survey shows that 40% of homeowners have no savings at all or savings of less than £1,000.

At the most expensive time of the year, the housing charity and campaign group has warned that many families could be paying for Christmas with their homes.

The charity warned many people could be out on the street

The survey findings show that more than 500,000 have no financial reserves which they could rely on to get them through a crisis like unemployment or illness.

Shelter also said its research proves many homeowners are juggling with debts they cannot afford.

The charity has urged the Scottish Executive to speed up its national mortgage rescue scheme, which is due to be introduced some time next year.

The scheme should provide a safety net for those families whose homes are at risk because they have not got enough savings.