Support for struggling mortgage holders welcomed

The Association of Independent Financial Advisers (AIFA) and the Association of Mortgage Intermediaries (AMI) has welcomed news that more support is to be provided to homeowners who are struggling to manage their finances.

Last week the Communities and Local Government and Her Majesty’s Treasury announced that a £10 million package of help would be implemented to help those struggling with their finances.

Chris Cummings, the director general of AIFA and AMI, said that there are a number of benefits to an increased level of support and described the package as “good news”.

“Helping consumers better manage their finances through better budgeting means they are less likely to be a burden on the state and will not suffer damage to their credit ratings,” he remarked.

With the help of financial advice, consumers may be able to change their mortgage deals and better manage their finances, Mr Cummings added.

Senior economist at the Royal Institution of Chartered Surveyors David Stubbs recently warned homeowners that affordable remortgage deals are becoming increasingly difficult to find.

© Adfero Ltd

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