Mortgage borrowers 'should contact lenders' if struggling to make payments

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Mortgage borrowers 'should contact lenders' if struggling to make payments

Individuals who are struggling to meet repayments on their mortgage have been advised to get in touch with their lender sooner rather than later in order to avoid more hassle down the line.

Catherine Hearnden, director at MyMortgageDirect, said many lenders these days are fairly understanding if a person is having difficulties with their borrowing and in many cases these problems can be sorted out relatively easily.

She commented: "As long as people get onto their lenders the minute they have got a problem, then I think it is dealt with quite well."

He added that the people who run into problems are the ones who do not contact anyone and keep getting further and further behind.

According to a recent report by the Building Societies Association, a joined-up approach is needed to help mortgage borrowers in difficulty.

It claimed that the government has an important role to play preventing repossession, but so do others including lenders, insurers and advice agencies. These groups must work together to reduce the likelihood of repossession and its impact on Britons.

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