Brits urged not to panic over mortgage debts

British consumers have been urged not to panic if they are having difficulties in meeting their mortgage repayment demands.

The John Charcol company has aimed to highlight the importance of seeking out expert advice if they are concerned about their mortgage-related debt management issues.

Homeowners who are due to remortgage should focus on affordability when agreeing a new deal and would-be first-time buyers need to assess their options fully and decide if it is the right moment for them to be acquiring a property, according to John Charcol.

“It is important that existing borrowers, who are due a remortgage, do not panic,” said Katie Tucker, John Charcol’s technical manager.

Ms Tucker went on to suggest that the Bank of England will not help Britons in their efforts to become debt free by cutting interest rates until at least May of this year.

The bank opted not to reduce the base rate of interest this month, after having done so in February and in December 2007.