Home > News > Mortgage and Remortgage

Interest rate cuts `were not anticipated by consumers` Nearly half of young mortgage holders `need help from family` Abbey cuts mortgage rates New arrears guidance issued by CML Mortgage fraud `on the up` CML expresses concerns over sale and lease back schemes Business groups call for further rate cuts Interest rate cut `will help some struggling borrowers` Mortgage approvals `hit by continued market uncertainty` Company reduces rate of home loans Mortgage rates `to rise` Consumers `will be hit by reduced credit` `Nearly £20k` needed to secure a mortgage Borrowers urged to take advantage of good mortgage deals Mortgage lending falls in August Variable-rate mortgages `increasingly appealing to homeowners` Parents `relying on loans to cover school fees` Further mortgage rate cuts announced Remortgaging `on the rise` Mortgage lenders call for swap plan renewal

CML stresses need to talk to mortgage lender

29/05/2008

In news which may be of interest to those looking to avoid bad debt, the Council of Mortgage Lenders (CML) has highlighted the need for individuals to contact their mortgage lender if they discover they are facing problems with loan repayments.

According to Bernard Clarke, a representative for the CML, while it is possible for lenders to assist borrowers in a number of different ways, it is essential that they be contacted before the borrower misses a first payment.

"The most important thing is to talk to their lenders if they think they are going to have a problem - even before they miss a payment," said Mr Clarke.

"Lenders have a range of options to help people depending on their circumstances and the range of options available is widest if the borrower talks to the lender at the earliest opportunity."

In related news, according to data released by insurance company AXA, at the end of last year a total of 0.48 per cent of all mortgages were in arrears by more than six months.

Many debts unaffected by base rate cut 09/01/2009 - Yesterday, many borrowers welcomed the Bank of England’s base rate 1.5% base rate – an historic low 08/01/2009 - Today’s base rate cut by the Bank of England’s Monetary Gas price cuts expected 07/01/2009 - Energy company Scottish Power has announced the launch of a Personal debt about £1.5 trillion 07/01/2009 - The UK’s personal debt stands at around £1.5 trillion, according