A new report has suggested that homeowners could be hit with unfair charges if they fail to meet the mortgage repayment demands of their respective lenders.
According to moneysupermarket.com, fees for missed payments are charged at various rates by different mortgage lenders and often homeowners are being asked to pay sizable sums when they are already dealing with serious debt management problems.
The price comparison service insists that the behaviour of mortgage lenders can sometimes mean credit consumers are unable to find a debt solution.
Louise Cuming, head of mortgages at moneysupermarket.com, said: “While I would not condone missing a mortgage repayment often financial hardship is caused by circumstances outside the control of the borrower, such as a relationship split.
“It is fair to say those in the unfortunate situation of going into arrears can expect to face some highly punitive and unjust charges.”
The Consumer Credit Counselling Service predicted earlier this year that homeowners around the UK would struggle financially throughout 2007.