Help on hand for borrowers

Posted: 02 Apr 2008 11:03:12 GMT


            Property News - Help on hand for borrowers

The Council of Mortgage Lenders (CML) and the Money Advice Trust (MAT) have teamed up to offer free advice to mortgage borrowers.

The Council of Mortgage Lenders (CML) and the Money Advice Trust (MAT) have teamed up to offer free advice to mortgage borrowers.

It comes after the Financial Services Authority revealed that around 1.4 million UK mortgage borrowers face seeing their repayment rates rise this year.

Almost a million and a half people are due to come of fixed-rate deals in 2008, with the global credit crunch making it unlikely that they will be able to secure the same rates again.

This is why the MAT and the CML have joined forces to provide free information which could make all the difference for a borrower.

"Borrowers need to plan ahead for higher monthly payments and look carefully at the options available to them," said Michael Coogan, CML director general.

"Anyone who thinks they might have a problem in paying their mortgage should talk to their lender as soon as possible.

"The earlier the borrower makes the lender aware of any potential payment problem, the wider the range of options for dealing with it," he added.

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