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Should your mortgage lender help you in times of trouble?

Confirmation that those who have fallen behind with their mortgage are receiving charges of £35 per letter and £150 per visit by a debt counsellor, have hit the headlines today. While it would be wrong to suggest that all mortgage lenders in the UK are charging such fees, they are definitely becoming more commonplace. So should your mortgage or remortgage lender help you in times of trouble?

The bottom line is that if a customer is struggling with their mortgage payments the chances are that without assistance from their mortgage lender they could default on their mortgage and ultimately be forced to sell their home. The chances are the vast majority of people in the UK will have little or no equity left in their home and could actually end up owing more money to their mortgage lender after the house has been sold. What are the chances of these particular customers being able to afford payments on top of the sale proceeds of their home?

It is in the best interests of both the customer and the mortgage lender for some leeway to be given as well as debt counselling or financial assistance where possible. Simply calling in the mortgage and repossessing the family home is not the best solution for both parties as there are obvious costs and time delays involved. How helpful is your mortgage lender?

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