Lenders can help struggling homeowners

People struggling to find the money to make home repayments should consult their lenders about how to find a cheap mortgage.

Catherine Hearnden, director at MyMortgageDirect, said that most lenders are fairly understanding when homeowners fall into financial difficulty, as long as they seek advice before their problems begin to snowball.

The comments follow a report by the Building Societies Association BSA which claimed that the government, lenders, insurers and advice agencies need to work together to prevent repossessions.

Ms Hearnden urged homeowners to approach lenders are the earliest signs of trouble to see if they can provide a cheap mortgage.

"The people who run into problems are the ones who don't contact anyone and keep getting further and further behind," she explained.

"People are helped if they help themselves. If they go to a lender in the first instance they'll get some help, if they just bury their head in the sand then they probably won't."

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2011-09-22 14:09:50 © Moneyextra.com