Homeowners need to take action quickly if they are to deal with the “twin threat” of falling house prices and rising repayment demands, it has been claimed.
David Kuo, head of personal finance at Fool.co.uk, has insisted that people facing mortgage-related debt management difficulties should speak with their lenders and find out what they can do to improve their circumstances.
Many homeowners are finding affordable mortgage deals difficult to come by as their old arrangements expire but ignoring the issues and hoping for the best is no way to resolve these kinds of concerns, Mr Kuo has suggested.
“The twin threat of falling house prices and rising mortgage repayments is a frightening proposition that could shatter the dreams of many recent buyers,” he said.
“It is important to determine your lender’s policy, and the best way to find out is to ask.”
Citizens Advice recently accused the subprime mortgage sector of undermining the value of home ownership in the UK.