As part of the measures designed to try and help struggling homeowners and reduce repossession levels in the UK the government has launched a new website that is designed to help those that are struggling to keep up with their mortgage repayments.
In the ongoing difficult financial climate and the recession a rising number of people may struggle to keep up with repayments and it is hoped that the government website will provide these people with advice and assistance.
The new website is called Mortgage Help, and it offers advice to homeowners on regaining control of their mortgaged repayments and finances.
Amongst other things the website offers advice on contacting lenders with regards to sorting out mortgage repayment problems rather than leaving them to fester and letting the situation get out of control.
The website hasn’t been received favourably by all industry officials, with one advisor stating: “Get help from Government schemes? It’s a joke.”
However, the Council of Mortgage Lenders stated: “We welcome this additional initiative by the government to remind borrowers to speak to their lender at the earliest possible opportunity, and preferably as soon as they think they might miss a payment. Avoiding possession is as important to lenders as it is to borrowers, and an early warning will help reduce the risk of this worst-case outcome.”
Many people have been struggling to repay their mortgages despite the base rate falling to its lowest level in history at just 0.5 percent.
However, many homeowners have failed to benefit from the rate cuts due to banks failing to pass the rate on with standard variable rate mortgages or due to being on a fixed rate mortgage.
It is hoped that those that are in danger of falling behind in their mortgage repayments will benefit from this site before the situation gets out of hand.
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