Thursday 11th of June 2009
Homeowners who are struggling to meet mortgage repayments have been urged to contact their lender in order to identify a solution.
A range of options are available to those who are unable to repay what they owe, with borrowers being able to enter into debt management plans in order to keep on top of mortgage payments in some cases.
And Chris Jenkins of the Homeowners Advice Centre suggested that consumers who are worried about repossession should seek help.
He explained that some homeowners could find that they have problems if they come off a fixed-rate product on to a more expensive standard rate.
"Even so, families will not be made homeless overnight, it is important that families who face mortgage problems contact their lender as soon as possible to discuss their options," Mr Jenkins added.
His comments come following Council of Mortgage Lenders figures showing that 12,800 homes were repossessed in the first quarter of this year.
- Debt consolidation loans falling, figures show
- Britons 'changing attitudes' towards debt management
- Homeowners 'more concerned with debt management'
- Low interest rate 'contributing to debt management efforts'
- Debt management growing in importance, survey finds
- Better debt management 'could tackle child poverty'
