Many miss mortgage payments according to National Homebuyers
Almost half a million homeowners in the UK are struggling with financial difficulties and have missed a mortgage payment in the last six months.
[UKPRwire, Thu Feb 07 2008] That is according to Money Expert, which revealed that 463,000 borrowers have missed a payment since July 2007.
It means that many people are in real financial difficulties and face the prospect of fighting to avoid repossession.
"Missing a mortgage payment doesn't incur an automatic charge like failing to pay your credit card bill. But it is a sign of real distress as keeping a roof over your head should be the priority for most of us," commented Sean Gardner from the firm.
"It's clear that many homeowners are feeling the strain of successive interest rate hikes but if the result is that you can't pay your mortgage then you should take action immediately.
"If you are struggling to afford the repayments then now is not the time to stick your head in the sand," he continued.
Quick property sale expert Julian King adds, "Homeowners should not hope that the problem will go away. We advise those in - or potentially facing - financial difficulty to act now.
"Options exist to help the homeowner with financial constraints. But to avoid the worst, homeowners must act quickly".
Mr King is a director of National Homebuyers, the UK's leading mortage rescue scheme provider, either arranging a quick property purchase or a Sell and Rent Back agreement where the homeowner can release equity in their property and rent their home back.