Financial expert offers tip for people worried about repossession
Published On 11 February 2008
Following last week's news that repossessions in the UK recently reached an eight-year high, a financial expert has said that there are some things that homeowners struggling to make mortgage payments can do.Phillip Inman, a debt expert at Which? suggested that it was vitally important that homeowners let their mortgage lender know as soon as possible if it was likely they were going to struggle to make monthly repayments.
He explained: "If you have fallen behind with your mortgage payments you must contact your lender as soon as you can - a head-in-the-sand attitude will only make things worse.
"Despite lenders becoming increasingly reluctant to push for a repossession, these new figures show that they are happening at an alarming rate."
What's more, Mr Inman offered some additional advice to people who were finding it hard to make their mortgage repayments.
He suggested that consumers could generate extra income by renting out a spare room or reduce mortgage payments for a fixed period by extending the time over which the mortgage is paid.
Homeowners could also think about switching to a cheaper mortgage deal, Mr Inman concluded.
Figures from MoneyExpert.com recently showed that total of 1.39 million people in the UK opted to switch to a better mortgage deal in the past six months.
