Borrowers 'still have mortgage options open to them'

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Borrowers 'still have mortgage options open to them'

Mon 19th Sep 2011

There are still options available for homeowners who fear they may struggle to keep up with mortgage repayments in the current economic climate, an expert has claimed.

What Mortgage's editor Ben Wilkie suggested that despite the relative lack of any repossessions occurring due to historically low interest rates, any future increase was likely to reverse this trend.

The head of What Mortgage, a publication that aims to provide advice to prospective purchasers, landlords and people looking to change their mortgage provider, stated that there were options open "if people are in trouble" or close to not paying their loan back.

"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," Mr Wilkie said.

The comments follow statistics released by the Financial Services Authority on September 13th, which illustrated how the number of people falling into arrears changed little between the first and second quarters of 2011 at 332,700, six per cent down compared to 2010.

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