Debt management problems affect thousands of households nationwide and Charcol.co.uk suggests that by tailoring mortgage advice for these borrowers some of these difficulties could be alleviated.
To highlight he extend of Britons’ need for sound debt advice, Charcol.co.uk points to figures showing that homes owned by consumers with a poor credit history account for around 70 per cent of all repossessions made around the country.
Peter Barrett, managing director at Charcol.co.uk, said: “The amount of personal debt in the UK continues to grow, particularly in a rising interest rate environment.
“We are determined to do something about this and providing fees free advice is absolutely the right thing to do.”
Financial pressure on mortgage borrowers was increased earlier this month when the Bank of England opted to increase the base rate of interest by a quarter-point to 5.5 per cent.