CML, Citizens Advice and Shelter offer "borrower's survival guide"

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CML, Citizens Advice and Shelter offer "borrower's survival guide"

Help for struggling mortgage holders has been given by the Council of Mortgage Lenders, Citizens Advice and homeless charity Shelter.

The three organisations issued the "borrower's survival guide" as 1.4 million borrowers come off cheaper, fixed-rate mortgages this year.

Borrowers in trouble are advised to talk to their lenders and free, independent debt advisers and seek advice from organisations such as themselves or the Consumer Credit Counselling Service.

Debt problems should not be ignored and all letters and phone calls should be opened and answered.

The guide advises paying off priority debts first, which a debt adviser can help to budget, and planning ahead for higher repayments and researching better deals when coming off a fixed-rate mortgage.

Borrowers facing court proceedings should also stay calm, as they do not necessarily mean the home will be repossessed.

New statistics released by the Ministry of Justice for the second quarter of 2008 show that 39,078 mortgage possession claims were issued on a seasonally adjusted basis.

Although this is 17 per cent higher than in the second quarter of 2007, it is no change to the first quarter of 2008.

Click here for more mortgage news.
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