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Mortgage defaulters urged to contact bank

Homeowners struggling to make their mortgage repayments should take immediate action and contact their provider, according to the head of a financial website. A recent study from MoneyExpert found that 463,000 people, equivalent to four per cent of the UK's homeowners, have missed a payment deadline during the last six months. Sean Gardiner, chief executive of MoneyExpert, said that that although defaults on mortgages do not involve an automatic penalty of the kind that are imposed on overdue credit card bills, it is imperative that those affected contact their bank or building society to address the situation. He said: "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. A phone call to your lender can ease the pressure enormously."Earlier this year the Bank of England predicted that the numbers of people defaulting on their mortgages is due to increase during the first three months of the year.

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