Further to a meeting which took place today between the chancellor of the exchequer and UK mortgage lenders there could be help going forward for families struggling with their mortgage payments.
The topic of conversation was to talk about ways of minimising the effect of the liquidity crisis on already hard hit borrowers.
The lenders have committed to review their current guidelines for the treatment of customers who incur mortgage arrears.
The UK mortgage market is under pressure from problems created in the US sub prime market.
The government, the Financial Services Authority, the Council of Mortgage Lenders and lenders themselves are all now liaising with each other to ensure a fair and functioning mortgage market returns, which can only be good news for consumers.
The lenders will review their guidelines and look for ways they can improve treatment of borrowers and try and meet voluntary arrangements and avoid repossessions wherever possible.
The Bank of England's agreement to allow mortgage lenders to swap mortgage backed securities for government bonds should also help to improve the situation.
The advice to borrowers who face falling behind with their mortgage payments and incurring mortgage arrears is to talk to your current mortgage lender as early as possible and do not ignore the situation. Your lender cannot help you if you are unwilling to speak to them!
If you have any questions on this article or others like it, please feel free to contact Solution Mortgages on 0845 123 1260 or visit us online at www.solution-mortgages.co.uk