Homeowners facing arrears advised to speak to lenders
May 30, 2008 by admin
Filed under News, News-Mortgages
Homeowners who think they are getting into difficulties with their mortgage repayments should speak to their lender as soon as possible, an industry expert has advised.
Bernard Clarke, spokesperson for the Council of Mortgage Lenders (CML), said that the most important thing is for homeowners to speak to their lender if they think they are going to have a problem with their payments.
He advised: “Lenders have a range of options to help people depending on their circumstances and the range of options is widest if the borrower talks to the lender at the earliest opportunity.”
Mr Clarke commented that lenders can work out a plan that suits the individual’s circumstances as repossession is a last resort option.
According to the CML, gross mortgage lending reached an estimated £25.3 billion in April, which was eight per cent less than the same time last year.
The CML expects that house prices are going to be seven per cent lower at the end of this year than was the case at the end of 2007.
Tags: credit, council of mortgage lenders, mortgage lending, problem, plan, option, mortgage payments
