Mortgage lender must be ‘alerted of money worries’

Mortgage lenders should be kept informed if homeowners are struggling to control their financial situation, a financial expert has advised.

Bernard Clarke, a spokesperson for the Council of Mortgage Lenders (CML), urged homeowners to speak to their mortgage provider if they are likely to get in arrears as there are a number of alternatives available to them.

“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 remarked.

Mr Clarke claimed that an agreement can be reached between the borrower and lender, with repossession being the last option for debt-riddled homeowners who are struggling to meet their monthly repayments.

Possessions by first-charge mortgage lenders are likely to increase this year, the CML has forecast.

It predicted that the figure will reach 45,000 in 2008, compared to 27,000 last year.

© Adfero Ltd

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