Speak to lenders if facing difficulties, expert says

By Jonathan Dawes, Thu 29 May 2008 - Published in Mortgages

Individuals who are struggling with their payments and believe they may get into arrears should speak to their lender before a single payment is missed, an expert has said.

A spokesperson for the Council of Mortgage Lenders, Bernard Clarke, said that there are a range of options designed to help borrowers when they are struggling to meet payments.

But consumers need to contact their lender before they miss a payment in order to access such schemes, he 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," said Mr Clarke.

He added that individual plans can be tailored to each consumer to help them through any difficulties.

The Council of Mortgage Lenders has recently predicted that there will be a rise in the number of loans in arrears from 129,800 at the end of 2007 to 170,000 at the end of this year.

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