New guidelines have been issued for borrowers who need debt advice because they have fallen into mortgage arrears.
A leaflet entitled Can’t Pay Your Mortgage? has been published by the Building Societies Association (BSA) and the Money Advice Trust in a bid to help struggling homeowners.
It contains information on action that can be taken to avoid repossession and offers people tips on where to turn to for guidance when dealing with debt management.
Head of mortgage policy for the BSA Paul Broadhead urged those in difficulty to seek assistance as soon as possible.
“If they read this booklet, the guidance contained in it will alleviate any fears they have about their home being immediately repossessed,” he commented.
Money Advice Trust Joanna Elson echoed this view, encouraging people to obtain “free, independent debt advice” if needed.
Meanwhile, Andy Pratt from home loan company Alexander Hall has noted that taking out a fixed-rate mortgage can help with future budgeting.
By Jamie Price