29.08.2008 - Top 10 tips on keeping hold of your home
From Times Online: Double-digit increases in gas and electricity prices and rising fuel and food costs are exacerbating the financial difficulties faced by homeowners with mortgages. High inflation has reduced the likelihood of base rate cuts, while the persistence of the credit crunch means that, even if the Bank of England were to cut rates, there are no guarantees that mortgage lenders would pass on those cuts to borrowers. There could not be a worse time to default on a loan: anyone with a less than perfect credit record will find it increasingly difficult - and expensive - to borrow money. So what should you do if you are struggling to meet your mortgage repayments? Speak to your lender immediately. Under the Financial Services Authority's treating customers fairly initiative it must attempt to work with borrowers who are suffering financial hardship. You could also speak to the Citizens Advice Bureau, which provides free advice.“If you miss a mortgage payment, this will be recorded on your credit file and may make it more difficult to get a mortgage, or to remortgage, in the future,” says Melanie Bien, of the mortgage broker Savills Private Finance. .... Full Article: Source
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