Struggling Mortgage holders should seek help

11/05/2007

Adrian Coles, director general of the Building Societies Association (BSA) feels mortgage borrowers should get help from their building society if they are suffering financially.

The building society will be happy to help says Mr Coles, especially mortgage holders who are having financial difficulties. BSA know people are having difficulties with mortgage repayments however all they can do is help people manage their cash flow.

With high expenses Mr Coles mentions it is virtually impossible for mortgage holders to carry on.

The general BSA director states that getting help with mortgage repayment is a main priority at this time of the year, especially consumers who still need to deal with their personal loan and credit card debts.

"Talking to your building society is particularly important as further rate rises are still a possibility," said Mr Coles stated.

He added, "Not paying your mortgage can put your home at risk. Building societies want to avoid this if at all possible."

This week the base rate was increased by a small amount, 5.5 per cent, the Bank of England have introduced these increases nearly four times since August 2006.

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