Lenders should be consulted over international mortgage struggles

Fri, 23 Sep 2011
Individuals having difficulties paying back international mortgages may be wise to consult their lenders in order to get the problem sorted out.

This is because Catherine Hearnden, director at My Mortgage Direct, has suggested these organisations are often willing to help when people are struggling with arrears.

The industry figure explained such firms tend to be fairly understanding about these matters, observing: "Things have changed a lot because they've had to. The lenders have been under pressure to deal with arrears and payment difficulties with a bit more compassion."

Issues are better dealt with when people face up to them as soon as a problem develops, Ms Hearnden advised - so those having trouble with their international mortgages may wish to address the situation sooner rather than later.

The expert's comments came in response to a new report from the Building Societies Association, which suggested a joined-up approach from the government and lenders - among others - is needed to help those in mortgage-related difficulty.
 
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