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Mortgage-holders facing arrears 'should speak to provider'
Homeowners struggling to make their mortgage payments should seek help from their provider, Catherine Hearnden, director at MyMortgageDirect, has advised.
"If people are going into mortgage arrears now, they should really sit down with someone and look at all of their financial outgoings, their mortgages and credit card debts and everything like that, and see if there is some way of either consolidating or talking to the various providers to make sure that they can come to some arrangement," she said, suggesting that by not seeking help straight away, things could get worse.
Ms Hearnden explained that people are unlikely to be facing arrears if rates are too high and claimed that while a fixed rate mortgage will help people budget for the future, it will not help them get out of their current financial situation.
It was reported this week by Lloyds TSB that property sales have fallen 47 per cent in the past three years since the peak of 2007, with a widening gap between the north and the south.
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"If people are going into mortgage arrears now, they should really sit down with someone and look at all of their financial outgoings, their mortgages and credit card debts and everything like that, and see if there is some way of either consolidating or talking to the various providers to make sure that they can come to some arrangement," she said, suggesting that by not seeking help straight away, things could get worse.
Ms Hearnden explained that people are unlikely to be facing arrears if rates are too high and claimed that while a fixed rate mortgage will help people budget for the future, it will not help them get out of their current financial situation.
It was reported this week by Lloyds TSB that property sales have fallen 47 per cent in the past three years since the peak of 2007, with a widening gap between the north and the south.
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Published: 08/04/2011
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