Those struggling with mortgage 'should contact lender'

Posted: 05 Jan 2012 16:51:57 GMT

Speaking to a lender directly could be of benefit to those struggling with their home loan.

Individuals who are having difficulty keeping up with their mortgage repayments have been advised to contact their lenders directly.

Bernard Clarke, communications manager at the Council of Mortgage Lenders (CML), was speaking in response to new figures from Shelter that showed almost one million people have taken out payday loans in order to help them pay their rent or home loan in the last 12 months.

The industry figure noted consumers who find themselves facing such problems might find it helpful to either contact agencies like the homelessness charity or to speak to their mortgage provider.

He stated: "We always urge any borrower who faces a payment problem to talk to their lender about it as their lender will try to help them devise a solution."

In addition, borrowers should be aware that any rise in interest rates in the near future is likely to be modest, with such rises continuing at a relatively slow pace. 

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