Consumers should alert mortgage lenders of ‘debt woes’
Homeowners who are struggling financially should ensure that they alert their mortgage lender before missing a payment, one expert has advised.
According to Bernard Clarke, spokesperson for the Council of Mortgage Lenders (CML), there are a number of possibilities that can be explored if homeowners are open about their financial troubles.
"Lenders have a range of options to help people depending on their circumstances and the range of options available is widest if the borrower talks to the lender at the earliest opportunity," he said.
Together the lender and borrower can agree a plan of action, Mr Clarke stated.
Repossessing a property is the last option on a long list of possibilities for homeowners who are struggling to meet mortgage repayments, he added.
The CML has predicted that possessions by first-charge mortgage lenders will increase to 45,000 this year, up from 27,000 in 2007.
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