Struggling homeowners should talk to their lender
There are many homeowners in the UK who will be feeling the pinch at the moment, thanks to the fact that the UK is in recession again, making it difficult for many to meet their essential payments, even on their properties for sale and mortgages.
However, one expert has said that if it comes to a time when homeowners find themselves having any kind of difficulty with their mortgage at all, the first port of call should always be their lender in order to avoid the risk of losing their home and getting further into debt.
Bernard Clarke, communications manager at the Council of Mortgage Lenders (CML), said: "We would always urge anybody in that position to talk to their lender at the earliest opportunity. That is when they will have the most options to sit down with their lender and work out a solution. The lender will try to help them do that and come up with a plan that is tailored to their individual circumstances."
It was also recently reported by the Council of Mortgage Lenders (CML) that there are more older people than ever before seeking out help to make their mortgage payments because of the fact that they are struggling financially.
It said that there has been a 44 per cent rise in the number of older people finding themselves in this position since as recently as 2009.
Mr Clarke said that this is a problem which is caused by the fact that there is now an increased pressure on all household finances across the UK. Although he did say that it is the case that there are people struggling to make ends meet in all age groups. The expert said that financial issues in UK property are never confined to just one demographic, and outlined that people from all walks of life should be making sure that they have enough to get by and always make payments on their mortgage on time.
Posted at 05:13 19/06/2012