The Association of Mortgage Intermediaries (AMI) has pledged to help British homeowners who find themselves struggling to meet their home loan repayment demands over the coming months.
AMI bosses have explained that if mortgage-related
debt management becomes impossible for families around the country, there would be a number of negative knock-on economic effects, which the association is keen to avoid.
“As an industry we do not want to return to a culture of unmanageable debt and home repossession, which would have a negative effect on consumer confidence and the wider economy,” said Chris Cummings, director general of the AMI.
“Mortgage intermediaries themselves are best placed to help people find the best deals in a difficult market.”
However, Mr Cummings noted that many homeowners will face increased
debt management pressures as their fixed-rate deals expire next year and that this could come as a “huge shock”.
Earlier this year, the Consumer Credit Counselling Service warned that homeowners across the UK would be “on the rack” financially throughout 2007.