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National Mortgage Debts Falls By £15.4bn

UK mortgage debt cutThe Journal reported this week that, "Prudent home owners shaved a record £15.4 billion off their mortgage debt in the second quarter of this year as ultra low interest rates helped them pay down what they owe." [Read more]

They attribute this extraordinary reduction in debt to the exceptionally low interest rates that make other forms of saving less attractive, as well as repayment mortgages being more effective and affordable.

While this is undoubtedly excellent news, the UK economy's slow and patchy recovery means that many commentators (like Shelter) are still reporting hardship and difficulties with housing among many sections of the population. Unemployment and loss of job through ill health are still significant factors in the accumulation of mortgage arrears, and with the increasing cost of living (notably energy rises) the squeeze on fixed income families (especially older people) is causing real hardship.

It is inevitable that there will be many people who are in difficulties with mortgage arrears and are facing action by banks and other lenders to repossess their homes.

If you are struggling with mortgage arrears and can't find a way out, call our helpful team for a free consultation. We'll listen and try to help you find a way to tackle your debt. We may be able to offer finance to help if it is appropriate. Call us now on 01258 818182.

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