Struggling with mortgage repayments? Contact your lender

By Jonathan Dawes, Thu 22 Sep 2011 - Published in Mortgages

Brits struggling to make their mortgage repayments should consult their lenders at the first sign of trouble.

This is the advice of MyMortgageDirect, which stated that most home loan companies are fairly understanding when people fall into difficulty with their mortgage.

Director at the firm Catherine Hearnden said: "As long as people get onto their lenders the minute they have got a problem, then I think it is dealt with quite well.

"The people who run into problems are the ones who don't contact anyone and keep getting further and further behind."

She added that it is no good for struggling homeowners to bury their head in the sand because this will not deal with the problem.

A recent report by the Building Societies Association stated that a joined-up approach is required to help mortgage lenders who fall on tough times.

The organisation stated that the government has an important role to play in preventing repossessions, but advice agencies, lenders and insurers must also work together.

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