Help available for Brits struggling with mortgage repayments

By Jonathan Dawes, Fri 16 Sep 2011 - Published in Mortgages

British homeowners struggling to make their mortgage requirements can find help from a number of sources, according to What Mortgage.

The organisation noted that despite the current economic climate, historically low interest rates has helped to limit the number of repossessions in the UK over the last two years.

Ben Wilkie, editor at the company, said: "If people are in trouble then there are options available to them. One of those options is to go interest-only, and an interest-only mortgage is costing you virtually nothing with a tracker or variable rate deal."

The Financial Services Authority recently released a report which revealed the number of new mortgage arrears cases in the second quarter (Q2) of 2011 was little changed from the previous quarter (Q1), but four per cent below the same period for last year's figures.

On top of this, the number of new advances in home loans was 11 per cent higher in Q2 than in Q1.

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