CML: Homeowners must warn lender of money problems

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CML: Homeowners must warn lender of money problems

Fri 30th May 2008

Debt-stricken homeowners must tell their mortgage lender as soon as possible that they are having difficulty meeting monthly repayments on their home loan, the Council of Mortgage Lenders (CML) has said.

Firms can offer troubled homeowners of a number of possibilities if they are made aware of the situation, spokesperson for the CML Bernard Clarke stated.

"Lenders have a range of options to help people depending on their circumstances and the range of options available is widest if the borrower talks to the lender at the earliest opportunity," he remarked.

Mr Clarke suggested that there are several routes a borrower can take before their home is repossessed - which he claimed should be the last option.

The lender and borrower should come to an agreement together, he added.

Possessions by first-charge mortgage lenders will increase from 27,000 last year to 45,000 during 2008, the CML has forecast.

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