Millions of mortgage borrowers ‘unhappy with lenders’

With debt management problems facing consumers across the country, figures from checkmyfile suggest that the number of people unhappy with the service from their mortgage lender has increased by around 20 per cent over the course of the last year.

Furthermore, experts at the company behind the latest study claim that the level of dissatisfaction among mortgage borrowers is likely to increase still further given the current environment of rising interest rates.

Barry Stamp, joint managing director of checkmyfile, said: “As interest rates and the cost of living start to bite and as we see the gradual upward trend in repossessions gaining momentum, more mortgage customers will come into contact with their lender.

“Our survey results show that some will find their mortgage lender far less understanding than may be expected.”

Debt solution problems have been heightened for many mortgage borrowers in the UK this month in the wake of the Bank of England’s decision to raise the base rate of interest by a quarter-point.