People who are worried that they will not be able to meet their next mortgage payment should flag up their concerns as soon as possible.
That is the opinion of the Council of Mortgage Lenders (CML), which has suggested that the best thing a concerned borrower can do is speak to their bank or building society before the payment is due, not after.
The CML also said that there are many options available to mortgage loan customers who have found themselves in a spot of financial bother and that ignoring the problems will not help them to go away.
Spokesperson Bernard Clarke observed: "There are a number of things lenders might do depending on their circumstances, they might consider re-scheduling the loan, and there are possibilities for extending the term of the loan which could reduce payments.
"All of these will depend on what’s suitable in the individual’s circumstances, the lender and the borrower need to sit down and work out a plan that fits the individual’s circumstances."
At the end of last year, the number of UK mortgages more than six months in arrears was 56,800 (0.48 per cent), according to research by insurance company AXA.
