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Worried customers should speak to their mortgage lenders
Fri, 30 May 2008
Anyone who thinks they might have difficult making their mortgage payments should speak to their lender as soon as possible, one industry body has urged.

Bernard Clarke, a spokesperson for the Council of Mortgage Lenders (CML), explained that people should not wait until after they have missed a payment as institutions can offer a number of possible solutions.

He said: "There are a number of things lenders might do depending on their circumstances, they might consider rescheduling the loan, and there are possibilities for extending the term of the loan which could reduce payments."

The final plan will depend on the borrower's individual circumstances, he added.

However, mortgage lenders do not want to repossess a property and will do everything in their power to help before taking such a step, Mr Clarke stated.

According to the latest figures from the CML, the credit crunch has not yet had an impact on the number of people in mortgage arrears .

However, it does predict the number of people behind with their mortgage will increase from 129,800 at the end of last year to 170,000 by the close of 2008.

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