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Mortgages and Repossessions
Earlier in 2009 the Council of Mortgage Lenders (CML) said that the number of households more than three months behind with their mortgage payments would reach 500,000 by the end of the year - more than double the total in 2008.
Tony Rice, of Bedfordshire-based specialist mortgage brokers TMP Mortgage Zone, said: "With the economic recession and increasing unemployment more people are worried about keeping up with their mortgage payments. Anyone in such a position should contact their lender immediately, and preferably with a detailed proposal on what you can afford to pay."
The Government has annnounced a series of initiatives, such as the Homeowner Mortgage Support Scheme, designed to try and keep people in their own homes.
Tony added: "As a whole of market mortgage broker, TMP Mortgage Zone can also be a useful resource for people looking for a first time buyer mortgage or to remortgage to something that is both correct for their financial situation now, and remainds affordable in the long term. We also provide advice and access to a range of insurance products that can be taken out to help meet monthly mortgage payments should you be affected by illness or unemployment."
Lenders should only turn to repossession as a last resort, after considering repayment holidays or extending the term or type of the mortgage.
[ 30-07-2009 ]
