UK Money News
17th July 2008
Draw a budget to help tackle mortgage debt, says advisor
Drawing up a budget and sticking to it is crucial for borrowers struggling with mortgage debt repayments, according to a debt advice agency.
According to Frances Walker, spokesperson for the Consumer Credit Counselling Service, this should be the first step for people who are concerned about their debt.
The budget can then be used to present to lenders when approaching them in negotiations over repayments.
She advised: "If you are then in difficulties and cannot make your mortgage payments, you have to go along to your mortgage company and show them your budget.
"Depending on your reasons for the shortfall or why you can’t pay it, if it’s a short-term thing, if you are temporarily unemployed or you are ill in health, you can ask for a payment holiday, or to [go] on to an interest-only mortgage for a short time."
Higher mortgage repayments are expected to result in an increase in the number of people losing their home this year.
The Council of Mortgage Lenders has predicted that there will be 45,000 home repossessions this year.
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