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Buy to Let

Struggling borrowers seek help

Mortgage Solutions
Written By:
Mortgage Solutions
Posted:
Updated:
18/09/2008

National debt advice charity National Debtline has reported a 30% leap in the number of callers seeking advice on first charge mortgage arrears over the last year.

The charity has also reported a 22% rise in the number of callers with second charge mortgage arrears over the same period.

Chief Executive Joanna Elson said: “These figures show the real impact of the credit crunch on households across the UK .

“With 1.4 million people coming off their fixed-rate mortgage this year and a reduction in the number of mortgage products available, many households are now struggling to keep up with their mortgage payments and other commitments.”

She continued: “Until recently, many homeowners have seen their properties increase in value. This has resulted in an increase in the number of people releasing that equity and securing credit debts against their property.

“It is therefore imperative that during these difficult times debt advice providers work closely with mortgage lenders to ensure that help and advice is available to those who need it.It must be everyone’s aim to keep home owners in their property wherever possible”.


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