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Struggling borrowers urged not to ignore problem

Struggling borrowers urged not to ignore problem

Category: Mortgages

Updated: 09/09/2009
First Published: 09/09/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

A new national government campaign to provide information to help homeowners struggling to meet their mortgage payments has been welcomed by the Council of Mortgage Lenders (CML).

The campaign, which seeks to help borrowers stay in their homes by taking control of their payment problems, reinforces key messages from lenders to mortgage customers:

  • Don't ignore the problem.
  • Get help by talking to your lender.
  • It's never too early to contact your lender to talk about your worries.

"We welcome this additional initiative by the government to remind borrowers to speak to their lender at the earliest possible opportunity, and preferably as soon as they think they might miss a payment," said the CML's director general Michael Coogan. "Avoiding possession is as important to lenders as it is to borrowers, and an early warning will help reduce the risk of this worst case outcome.

"Most customers who are committed to resolving their problems and working with their lender can successfully manage their way through a period of short-term payment difficulty and avoid possession."

For more information on the campaign, visit
http://mortgagehelp.direct.gov.uk/

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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