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Should mortgage companies help troubled homeowners?

Over the last few days there have been stories in the press regarding couples who are finding it difficult to keep up with their mortgage repayments, with many on capital and interest repayment deals. A number of homeowners have requested a temporary move to interest only mortgage arrangements although there appears to be resistance within the UK mortgage industry to allow this particular strategy at the moment. So should mortgage companies help troubled homeowners?

If you have read the financial press over the last six months you would be mistaken for assuming that the UK government is putting pressure on mortgage lenders to assist UK homeowners who are experiencing financial difficulties at the moment. However, in reality a number of major mortgage lenders in the UK are refusing to even consider short-term changes to mortgage deals even though they could in many cases save homes from repossession.

While the official line in the mortgage industry at least be one of assistance and consideration, under the surface there is a feeling that more and more mortgage lenders are pulling up the ladder and unwilling to compromise in many areas. Whether the UK government can step in and place more pressure on the sector, with any success, is debatable but one thing is for sure, despite many people believing the worst is over in the UK property sector there are still problems aplenty for many.

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