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CML tells borrowers to contact their mortgage lenders
29 May 2008
Borrowers need to contact their mortgage lenders at the first sign of financial difficulties, according to the Council of Mortgage Lenders (CML).
By getting in touch with a lender before getting into arrears, borrowers can explore a range of ways to manage their mortgage more effectively such as rescheduling the loan or extending the mortgage so monthly payments are less.
Bernard Clarke, spokesman for the CML, said: "Lenders have a range of options to help people depending on their circumstances and the range of options available is widest if the borrower talks to the lender at the earliest opportunity."
Borrowers in financial difficulties should not be worried about contacting their lender as they are unlikley to resort to repossession straight away.
"They don't want to repossess a property - that’s the last option, so ...if there are options to [stop them] repossessing the property they want to explore all of those first," said Mr Clarke.
According to the CML, the number of loans predicted to be in arrears at the end of 2008 will be 170,000.
