Advice given to those struggling with mortgages

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Advice given to those struggling with mortgages

Help for those struggling to keep up with mortgage payments has been given by the Daily Mail.

The newspaper reported that more and more mortgage holders are having difficulty keeping up the repayments as the credit crunch bites and home loan interest rates increase.

It advised people in trouble to prioritise their debts, stating: "It makes sense to reduce payments on credit debts, such as credit cards and personal unsecured loans, to ensure you can afford your mortgage payments."

In addition, anyone who is struggling should talk to their lender as soon as they can, as it may be possible to increase the repayment time to make monthly costs lower.

Switching to an interest-only deal, if on a repayment loan, is also an option.

Melanie Bien of mortgage broker Savills Private Finance told the paper that people demonstrating a willingness to pay as much as possible were often shown leniency.

In related news, lenders are refusing mortgages relying on large City bonuses, according to the Financial Times.

The turmoil in the banking sector is making some lenders reluctant to depend on bonuses as they fear next year's payouts could be significantly less than previous ones.

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