Homeowners who are struggling with their mortgage repayments have been urged to contact their lender to try and ensure the problem does not escalate.
The advice comes from the Building Societies Association (BSA), which was responding to the government’s plans to help support those in financial difficulty with the proposed Homeowner Mortgage Support Scheme.
Head of mortgage policy at the BSA Paul Broadhead said that for many building societies, repossession is seen as the “last resort”.
“They maintain good relationships with their customers to ensure that they can develop individual solutions to arrears problems,” he explained, adding that as soon as borrowers realise they need debt help they should get in touch with their lender.
The Homeowners Advice Centre recently stated that struggling property owners will see the benefits of the initiative during 2009.
However, co-owner of the body Chris Jenkins warned that the coming months could still bring repossessions.
By Tom Musk