With an estimated 14 per cent of borrowers struggling to make their mortgage payments, consumer group Which? has called on lenders to help their customers.
Research from Which? shows that only a third of borrowers who are facing difficulties have contacted their lender for help even though there are a number of options lenders may offer to support them during tough times.
Options available to lenders include moving customers from a repayment to interest-only mortgage, allowing them a payment holiday or allowing them to move to a different deal.
Which? executive director Richard Lloyd said: “With ongoing uncertainty about the economy, it’s not surprising that many people are worried about their household finances. For some it would only take a small increase in mortgage rates to send them over the edge.
“If you’re struggling with mortgage repayments then your first port of call should be your lender. It’s not in anyone’s interest for people to default on their mortgage, so it’s important that lenders do all they can to help their customers who are struggling with repayments.”
