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Mortgage holders 'should be active'
11 February 2008
Mortgage holders struggling to make repayments should not simply ignore the situation and hope it improves, advised consumer guide Which? following the announcement of record repossessions.
The Council of Mortgage Lenders (CML) released figures suggesting last year repossessions were at an eight-year high.
This year, the figures could be worse, with the CML predicting one in every 4,000, or a total of 45,000 could lose their home.
Faced with the possibility of repossession, the worst thing mortgage holders can do is remain passive, claimed author of Manage Your Debt guide at Which? Phillip Inman.
"If you have fallen behind with your mortgage payments you must contact your lender as soon as you can - a head-in-the-sand attitude will only make things worse.
"Despite lenders becoming increasingly reluctant to push for repossession, these new figures show that they are happening at an alarming rate."
He suggests trying to re-mortgage to find a better deal or finding other ways of raising money such as letting out a room.
